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Walk me through a balance sheet?
Current Assets (expected to be converted into cash annually) – line items
• Cash & Cash equivalents - Cash held in the bank in deposits or low risk short-term investments.
• Marketable Securities - Short-term debt or equity investments.
• Accounts receivable – Money owed to the company by customers who have purchased goods.
• Inventories – Represent the money invested by the company in unfinished or finished goods which are still to be sold.
Long term or Non-Current Assets – Key line items
• Property Plant & Equipment – Any long-term investments made by the company relating to the operations of the business such as equipment, plants, building, vehicles etc.
• Intangible assets/Goodwill – Intangible assets such as brands, trademarks etc acquired by the company.
• Deferred Taxes assets– Potential future tax savings due to excess tax paid historically. This is the difference between tax paid on the financial statements and the actual taxes paid.
• Other Assets – These are assets which are not included in the above-mentioned line items, including prepaid expenses and long-term investments among others.
Liabilities – Key line items
• Accounts payable – Money that the company owes to its suppliers for the goods/service purchased.
• Notes Payable – These are the primarily short-term borrowings.