ASSETS
Instead of writing three separate Assets down, I am going to write it down as one big one. It was actually confusing me all this Current assets-non current assets.
So here is a list of Salmat Assets- Cash and cash equivalents, trade and other receivables. current tax receivables, inventories and other current assets. There is an increase of $85, 151 up from last years Current Assets.
NON-CURRENT ASSETS
Salmat's list of non-current assets is as follows: Receivables, Investments accounted for using the equity method, Property, plant and equipment, Deferred tax assets, Intangible assets and other non-current assets. This is amount is lower then last year by $ 258, 933.
LIABILITIES
Total list of Liabilities: Trade and other payables, Borrowings, Derivative Financial instruments, Current tax payable and Provisions. This totaled too: $74, 448, down $57, 628 from last year.
NON-CURRENT LIABILITIES
Non-current liabilities is sitting at only $13, 649 down from last year. The list is as follows: Borrowings, Deferred tax liabilities, Provisions, Retirement benefit obligations, Derivative financial instruments, Payables and Other non-current Liabilities.
EQUITY
Contributed Equity, Reserves and Retained earnings with only a loss of $13, 649 from 2012.
Hi Andrea,
ReplyDeleteNot sure if you figured out the current, non current situation in the balance sheet yet, but if not I hope this helps.
Assets and liabilities are usually listed in your balance sheet as current or non current and for assets under those headings they are in order of liquidity. Or in other words, how easy it is to convert them to cash to pay the bills if everything goes pear shaped.
Current assets are usually expected to be converted to cash, sold (inventory), or, with consumables used in the operations of the business, consumed within 12 months of acquiring them.
Non current assets (fixed assets) are things like plant, equipment, land and buildings, furniture or investments etc that the business expects to hold onto for the long term.
Current liabilities are often expected to be paid within a year with cash or or the inventory/services of the business. e.g salaries, accounts payable, interest on bills owed.
Non current liabilities are those expected to be paid after one year possibly in installments. e.g a mortgage. this years mortgage payments are current liabilities, the rest are non current.
If anyone thinks I have explained this wrongly please let me know.
Cheers,
Ben
http://bensassignment1blog.blogspot.com.au/
Ben, great description of current and non-current assets and liabilities - i always remember if it can be converted to cash or paid off within 12 months then it is current.
ReplyDeleteAndrea, Love your blog.
With your three assets, liabilities and equity it seems as though you have similar ones to my company. How did you go with understanding what the Reserves were, mine are in relation to employee performance shares rights which employees are able to receive shares. Well that's my understanding.
Hi Ben,
ReplyDeleteThank you explaining that too me, it does make more sense now.
Andrea
Hi Brittany,
ReplyDeleteI think your understanding is correct of Reserves, as my company is that.
Thank you
Andrea :)
Andrea good job on answering the question.
ReplyDeleteBen thank you so much for your insight into currebt and non-current assets, liabilties etc. Really helped me understand more about my company as they have both current and non-current assets liabilities.