PSYC 2000 Chapter : 6 Sensation And Perception Part 1
Document Summary
Chapter 1: income statement, retained earnings statement, balance sheet, cash flow. The classified balance sheet: reports the assets, liabilities, and equity at a specific point in time, groups together similar assets and similar liabilities, using standard classifications. Long-term investments, property, plant, and equipment, and intangible assets are all long-term. **the investment in real estate is just an investment, and is not meant for any use. **for purposes of this class, we"re going to use one year to determine if it is short-term or long-term** Example: tiger company has the following assets at 12/31/14. Accounts receivable (accounts receivable is when customers owe you money) (prepaid insurance is an asset because it has value. If you do not want it anymore, you can cancel is. It is listed at the bottom because it is unlikely that you would cancel it) Investments in stocks and bonds of other companies that are held for more than one year.
