Exercise

Match balance sheet items to their class

Assets are used by the business to create positive economic value. Thus assets reap benefits to the business. Liabilities are future burdens that the business needs to pay off. Assets and liabilities can be further broken down:

  • Current assets refer to the class of assets that usually reap benefits in one year.
  • Current liabilities are those burdens that must be paid off in one year.
  • Non-current assets reap benefits over a period of one year
  • Non-current liabilities can be paid off over a period of one year.

In this exercise, accounts_receivable, accounts_payable, short_term_loans, long_term_loans, inventory, long_term_investments, and property_plant_equipment have already been loaded for you.

You will identify which balance sheet items are current or non-current assets and liabilities. You will then use them to add up balance sheet items within the correct class to get the total current and non-current assets and liabilities.

Instructions

100 XP
  • Add up total current assets.
  • Add up total non-current assets.
  • Add up total current liabilities.
  • Add up total non-current liabilities.