Income Measurement Concepts Illustration Facts: Company with$100,000 in cash Buys condo for$100,000 Rents condo for $12,000 per year End of the first year: Condo valued at
Current Asset Introduction Classification Current (short- Noncurrent term)Assets (Long-Term) Assets Resources or claims to resources that are Resources or claims expected to be sold
Liabilities Definition Macintosh PICT image format is not supported A liability is probable future payment of assets or services that company is presently obligated to make as a result of past transactions or events