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Prepaid expenses - Goods, benefits or services a business buys or rents in advance. Examples are office supplies, insurance protection and floor space. C. Long-term Investments Also called long-term assets, these are holdings the business intends to keep for at least a year and that typically yield interest or dividends. Stocks – Purchased as investments. Bonds – Purchased as investments. D. Fixed Assets Also called plant and equipment. Includes all resources a business owns or acquires for use in operations and not intended for resale. Fixed assets may be leased. Depending on the leasing arrangements, both the value and the liability of the leased property may need to be listed on the balance sheet. Land - List original purchase price without allowances for market value. Buildings – Structures used by the business. Improvements –Improvements that enhance the value of Fixed Assets. Equipment – Required to operate the business. Furniture – Office Furniture and fixtures. Automobile/vehicles – Those owned by the business. Do not include leased vehicles. Other Assets – List any other resources not covered by the above categories. Add additional categories if needed. II. Liabilities A. Current Liabilities List all debts, monetary obligations and claims payable within 12 months or within one cycle of operation. Typically they include the following: Accounts Payable - Amounts owed to suppliers for goods and services purchased in connection with business operations. www.hsi.us care@hic.us 98

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