How a company's financial position is laid out
Assets on top, equity and liabilities below, and the two halves agree. Find each total on a small company's statement.
Task 1The top half: assets2 questions
A company's statement of financial position has two halves that always agree. The top half lists the assets.
- Non-current assets
- kept for more than a year to use in the business
- Current assets
- cash, and things that will turn into cash within a year
| Item | Amount |
|---|---|
| Shop fittings and equipment | 42,000.00 |
| Inventory | 21,000.00 |
| Trade receivables | 9,000.00 |
| Bank | 14,000.00 |
Task 2The bottom half: equity and liabilities4 questions
Task 3Net assets, and what is different from a sole trader4 questions