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Published byAbigayle Wright Modified over 9 years ago
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Financial Records Obj. 6.02
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Assets An Asset is a personal item that you own Current Assets are items that can be sold within one year. (livestock, crops) Non-Current Assets are items that are used for more than one year. (breeding livestock, land)
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Liabilities A liability is debt Current Liability is due to be paid this year. (feed) Non Current Liability is not due to be paid this year. (future mortgages)
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Formulas For Financial Records Total Assets = current assets+ non current assets Total Liabilities = current liabilities + non current liabilities Net Worth = total assets – total liabilities
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Inventory An Inventory is an itemized list of things owned by a business with the beginning value and depreciated value Non-Depreciable Inventory are items that will be used up or sold within one year. (feed) Depreciable Inventory items that have a useful life more than one year. Loses value because of age (car)
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