Jones corp. reported current assets of $194,000 and current liabilities of $137,500 on its most recent balance sheet. the working capital is: 56000.
What is assets?
- In financial accounting, an asset refers to a resource owned and controlled by a company and entity.
- It is anything that can be used to create positive economic value.
- An asset shows the importance of an asset that can be converted into cash.
- An asset is anything that has present or future economic value to an enterprise.
- Essentially, business assets include anything that a business controls and owns that has current value or the potential to provide financial benefit in the future.
- The examples are patents, machines, and investments.
- An asset refers to a resource of economic value owned and controlled by an individual, firm with the expectation of future profit.
- Assets are reported on the company's balance sheet.
- They are classified as short term, fixed, financial and intangible.
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