Assets and Liabilities

Homework Help & Tutoring

We offer an array of different online Assets and Liabilities tutors, all of whom are advanced in their fields and highly qualified to instruct you.
Assets and Liabilities
Send your subject help request Submit your homework problem, or a general tutoring request.
Get quotes from qualified tutors Receive a response from one of our tutors as soon as possible, sometimes within minutes!
Collaborate with your tutor online Work together with your tutor to answer your question within minutes!
Assets and Liabilities Tutors Available Now
12 tutors available
1393guru
Duncan
(1393guru)
Bachelor of Arts (B.A.)
Hello students. I am 1393guru. I am an experienced tutor in the fields of Political Science, Public Administration, Sociology, History and E
4.9/5(5,234+ sessions)
33 minutes avg response
$25-$55 hourly rate
MrStacks
Dusan
(MrStacks)
Master of Business
International professor, teacher, professional economist and entrepreneur. Dynamic and straightforward with almost a decade of experience!
4.9/5(206+ sessions)
29 minutes avg response
Pkofi
Paul
(Pkofi)
Master of Research (M.Res.)
I am currently a PhD candidate in Management & Accounting. I desire to help students achieve their academic goals.
0/5(95+ sessions)
6 minutes avg response
arevik
Arusyak
(arevik)
Bachelor of Economics
I'm a professional Financial analyst with more than 7 years of professional work experience in finance.
0/5(51+ sessions)
5 minutes avg response
theguru
Linden
(theguru)
Doctor of Management
I am an accounting expert that enjoys helping others to understand the concepts in this subject area and other business related subjects.
5/5(46+ sessions)
12 minutes avg response
am051021
Thuy
(am051021)
Bachelor of Science (B.S.)
I have years of professional within the banking/insurance industry and over 3 years of tutoring experience in Finance/Accounting/Excel.
0/5(16+ sessions)
1 hour avg response
See 12 More Tutors
Assets and Liabilities Homework Library
0 total solutions
See what our students are saying
Describe your homework help.
FAQ Frequently Asked Questions
Can you help me with my homework in less than 24 hours?
Can you help me with my exam/quiz/test?
How much will it cost?
What kind of payments do you accept?

Assets and Liabilities

Assets and Liabilities

 A professional account is responsible for the budgetary planning, analysis, bookkeeping, management, and reporting of an organization’s finances. Degree holding Accounting professionals are eligible for a CPA (certified public accountant) credential. As practice leaders, CPAs are qualified to oversee the accounting audit and internal account record of a firm, company, public administration, or other organization. Students working toward a degree in Accounting must demonstrate competency in higher mathematics skills (i.e., calculus) for financial statement analysis and market forecasting. Accounting students also learn the regulatory rules associated with U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). Our tutors at 24HourAnswers are highly-qualified experts in the field of accounting and responsive to the college and university level learning requirements of students studying for an accounting degree. Our team of educated tutors are subject matter experts with the academic and professional knowledge to assist students in the completion of their accounting coursework and credentialing goals and objectives.

 Here are some insights from the field of Accounting about the topic ‘assets and liabilities':

The Balance Sheet

Accounting definition of assets and liabilities is established as part of a firm’s audited financial statements. Assets are property and liabilities are outstanding obligations to other parties, along with income and expense. Capital on the balance sheet refers to available assets once liabilities are settled. Periodic reporting of assets and liabilities is performed annually. The aggregate difference between assets and liabilities determines the degree of liquidity and equity or net residual ownership of a firm. If a business cannot pay its liabilities in full, its assets cannot be converted (i.e. sold) for cash.

Assets

The asset section of the balance sheet refers to resources owned and controlled by a firm. Assets acquired transaction or accessed in another way, are recognized within the financial statement as the “current” and “non-current” accounts from which economic benefit is expected to flow to the company. In simple terms, assets are properties or rights owned by the business.

Current assets held for the purpose of trading, are recognized as short-term resources to be realized as cash or consumed within a single period of one year after the end of a reporting period, or its annual operating cycle. Non-current assets are long-term resources useful for a term longer than a period of one year, or the firm’s annual operating cycle.

Current asset accounts on the balance sheet:

  • Cash and Cash Equivalents – cash, checks, coins, funds held for current purposes.
  • Receivables – accounts receivable, promissory notes, rents, interest, employee debts owed to an employer, and other claims.
  • Inventories – material assets held for production use and sale.
  • Prepaid expenses – overhead or paid in advance expenses (i.e., rent, insurance coverage, advertising, and supplies.
  • Allowance for Doubtful Accounts – a contra-asset, valuation account reported as a deduction to the principal asset account, the line-item is based on uncollectible accounts receivables.

Non-current asset accounts on the balance sheet:

  • Building – office, factory, laboratory, store, warehouse, or other facility.
  • Land – property purchased for business operations not short-run resale.
  • Equipment – computer equipment, delivery equipment, facility infrastructure or installation, factory equipment, office furniture, and other fixtures.
  • Intangibles – long-term assets with no materiality (i.e., copyright, patent, trademark or pro bono goodwill).
  • Accumulated Depreciation – a valuation account exhibiting decrease in value of a fixed asset in response to continued use, time, or innovation obsolescence. Considered a contra-asset account, it is a line-item deduction of a related fixed asset.
  • Investments – portfolio of bonds, stocks, and other funds set up long-term or in perpetuity.
  • Other long-term assets

Liabilities

The liabilities section of the balance sheet shows a firm’s financial obligations or outstanding payables owed. Assets are financed from two main sources: 1) borrowing from creditors or lenders; and 2) owner contributions. The former refers to liabilities and the latter to capital. Claims consented to by the owners against the assets of a company, liabilities are outstanding accounts owed to other parties. As with assets, liabilities line-items are listed as either current or non-current accounts.

Current liabilities accounts on the balance sheet:

  • Trade and other payables – accounts, notes, interest, outstanding rent, and accrued expenses, etc.
  • Short-term borrowings – loans, credit, or other short-term financing arrangements.
  • Current provisions – the estimated short-term liabilities of a firm.
  • Current-portion of a long-term liability – percentage of outstanding financing (e.g., loan installment payments) currently owed.
  • Current tax liabilities – payable income tax for the current period.

Non-current liabilities accounts on the balance sheet:

  • Long-term obligations - notes, bonds, and mortgage.
  • Deferred tax liabilities.
  • Other long-term obligations.Capital

The net assets or equity capital refers to retained earnings after all liabilities are settled. Capital is affected by initial or additional contributions and withdrawals by an owner or shareholder dividends, income, and expenses.

Balance Sheet Preparation

End of year assets and liabilities are reported on a firm’s balance sheet. One of the three main audited financial statements, the balance sheet, along with the income statement and cash flow statement, reports the liquidity or overall financial solvency of a company. The audited financial statement applies the following formulae to estimate Assets, Shareholders’ Equity, Retained Earnings and Net Income for a reporting period:

Assets = Liabilities + Shareholders’ Equity

Where

Shareholders’ Equity = Assets = Liabilities + Contributed Capital + Retained Earnings

And

Retained Earnings = Assets = Liabilities + Contributed Capital + Retained Earnings, Beginning of Period + Net Income for Period – Dividends for Period

And

Net Income for Period = Assets = Liabilities +Contributed Capital + Retained Earnings, Beginning of Period + Revenues for Period – Expenses for Period – Dividends for Period

Adjustments to the balance sheet accounts are accounted for in calculation of the cash flow statement. For instance, a change in plant, property, and equipment (“PPE”) assets, is equal to capital expenditure minus depreciation expense.

 Modeling Financial Performance

Financial analysis applied in the mathematical modeling of the main financial statements. Estimates involve balance sheet assets and liabilities, along with income statement and cash flow statement items. Performance metrics determine the liquidity, leverage, efficiency, and rates of return. Here are examples of financial performance metrics applied to statement analysis prior to audit and for purposes of capital structure analysis for reporting to investors.                                                                            

Balance Sheet Performance Metrics – Assets & Liabilities

Liquidity

Examples:

·       Quick Ratio = Cash & Equivalents + Marketable Securities + Accounts Receivable / Current Liabilities

Or

Current Assets – Interest – Prepaid Expenses

·       Current Ratio = Current Assets / Current Liabilities

Leverage

Examples:

·       Debt to Equity = Total Liabilities / Total Equity

·       Debt to Total Capital = Total Debt/ Total Debt +Shareholders’ Equity

Efficiency

Examples:

·       Asset Turnover = Revenue / Total Assets

·       Working Capital = Current Ratio

Rates of Return

Examples:

·       Return on Assets (ROA) = Net Income / Total Assets

·       Return on Invested Capital (ROIC) = Net Income / Debt + Equity

 

To fulfill our tutoring mission of online education, our college homework help and online tutoring centers are standing by 24/7, ready to assist college students who need homework help with all aspects of assets and liabilities. Our business tutors can help with all your projects, large or small, and we challenge you to find better financial tutoring anywhere.

Bibliography

“Balance Sheet.” Accounting For Management.org nd.  

“Elements of Accounting: Assets, Liabilities, and Capital.” Accounting Verse nd

Kopp, Carol M. “Financial Modeling.” Investopedia 31 Oct 2020. 

“The difference between assets and liabilities.” Accounting Tools 12 Dec 2020. 

“What is the Balance Sheet?” Corporate Finance Institute nd

 

Read More

College Assets and Liabilities Homework Help

Since we have tutors in all Assets and Liabilities related topics, we can provide a range of different services. Our online Assets and Liabilities tutors will:

  • Provide specific insight for homework assignments.
  • Review broad conceptual ideas and chapters.
  • Simplify complex topics into digestible pieces of information.
  • Answer any Assets and Liabilities related questions.
  • Tailor instruction to fit your style of learning.

With these capabilities, our college Assets and Liabilities tutors will give you the tools you need to gain a comprehensive knowledge of Assets and Liabilities you can use in future courses.

24HourAnswers Online Assets and Liabilities Tutors

Our tutors are just as dedicated to your success in class as you are, so they are available around the clock to assist you with questions, homework, exam preparation and any Assets and Liabilities related assignments you need extra help completing.

In addition to gaining access to highly qualified tutors, you'll also strengthen your confidence level in the classroom when you work with us. This newfound confidence will allow you to apply your Assets and Liabilities knowledge in future courses and keep your education progressing smoothly.

Because our college Assets and Liabilities tutors are fully remote, seeking their help is easy. Rather than spend valuable time trying to find a local Assets and Liabilities tutor you can trust, just call on our tutors whenever you need them without any conflicting schedules getting in the way.

Start Working With Our College Assets and Liabilities Tutors
To fulfill our tutoring mission of online education, our college homework help and online tutoring centers are standing by 24/7, ready to assist college students who need homework help with all aspects of Assets and Liabilities.