D. Discuss the following with your partner.

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D. Discuss the following with your partner.

1) What principle is the classification of assets based on?

2) What are current assets?

3) What types of investments can be distinguished?

4) What is the difference between tangible and intangible assets?

5) What does the term “current liabilities” refer to?

6) What is included into the category of long-term liabilities?

E. Study the classified balance sheet carefully and answer the following questions.

1) What are total assets?

2) What are total liabilities?

3) What is stockholders’ equity?

Classified Balance Sheet

UISE ELIASON and COMPANY
Balance Sheet

December 31, 2XXX

ASSETS:

Current assets:

Cash…………………………………………………………………$

Accounts Receivable…………………………………………

251,000

Inventory ……………………………………………………….. 

298,900

Prepaid Expenses ……………………………………………   

50,000

Total Current Assets……………………………………………………………

$ 6000,000

Long-Term Assets:

Land …………………………………………………………………$

$ 125,000

Plant and Equipment........................ $1,075,000

Less: Accumulated Depreciation………….. (283,200)

Plant and Equipment Net………………………………

791,800

Total Long Term Assets…………………………………………………………

916,800

Total Assets ………………………………………………………………………………..……….

$1,516,800

LIABILITIES:

Current Liabilities:

Accounts Payable…………………………………$ 501,000

Short-Term Note Payable…………………………50,000

Total Current Liabilities …………………………………

$ 551,000

Long-Term Liabilities:

Bonds Payable………………………………………………………

300,000

Total Liabilities………………………………………………………………………………………

 $ 851,000

STOCKHOLDERS’ EQUITY:

Common Stock, No Par Value,

10,000 Shares Issued and Outstanding…………………

$ 400,000

Retained Earnings ………………………………………………………… 

265,800

Total Stockholders’ Equity …………………………………………………………………….

Total Liabilities and Stockholders’ Equity……………………………………………....

665,800

$   1,516,800

F. Translate the groups of derivatives:

a) account – accountant – accounting – accountancy – accountable – accountability

b) assist – assistance – assistant

c) calculate – calculated – calculation – calculator – calculating

d) earn – earner – earnings – earned

e) finance – financial – financing – financier

f) owe – owing – owing to – owed

g) own – owner – ownership – owning – owned

h) pay – payable – payee – payment – paid – unpaid

i) profit – nonprofit – not-for-profit – profitable – unprofitable – profitably – profitability – profiteer – profiteering – profitless

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