https://padlet.com/chadholloman1/bxpzr25rljombp8n Explore Assets, Liabilities, Net-worth, and Inventory en-us 2022-04-14 12:57:06 UTC 2022-04-14 13:12:52 UTC hello@padlet.com chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143840900 An asset is something tangible of value that a person owns. A person has non-current and current assets.]]> 2022-04-14 13:02:54 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143840900 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143841398 Non-current Assets include items that have a useful life of more than one year.

]]> 2022-04-14 13:03:24 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143841398 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143841954 Examples of Non-current assets are land, machinery, breeding livestock, etc.]]> 2022-04-14 13:03:52 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143841954 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143843008 Current assets are items quickly converted to cash or that will be sold within 12 months. ]]> 2022-04-14 13:04:48 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143843008 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143843368 Examples of current assets are cash, checking, savings, stocks, and non-depreciable inventory of crops, livestock, etc.]]> 2022-04-14 13:05:07 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143843368 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143843700 A liability is a debt! A person has non-current and current liabilities.]]> 2022-04-14 13:05:24 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143843700 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143844689 Non-Current liabilities are debts not due this year]]> 2022-04-14 13:06:19 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143844689 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143845295 Examples of non-current liabilities would be the mortgage for the house (not including this year's payment)]]> 2022-04-14 13:06:52 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143845295 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143845586 Current liabilities are debts due to be paid this year.]]> 2022-04-14 13:07:08 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143845586 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143845949 Examples of current liabilities are fertilizer and feed bills,
tractor and building payments, and the part of mortgage due this year.]]> 2022-04-14 13:07:28 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143845949 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143846396 To calculate your Net Worth, you first have to calculate your total assets and total liabilities.]]> 2022-04-14 13:07:55 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143846396 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143846675 Total Assets = Current Assets + Non-Current Assets]]> 2022-04-14 13:08:10 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143846675 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143847098 Total Liabilities = Current Liabilities + Non-Current Liabilities]]> 2022-04-14 13:08:33 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143847098 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143847671 Once you have calculated your total assets and total liabilities you can figure you net worth by:

Total Assets - Total Liabilities = Net Worth]]> 2022-04-14 13:09:04 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143847671 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143848374 An inventory helps with calculating Net Worth. ]]> 2022-04-14 13:09:36 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143848374 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143848597 An inventory is an itemized list of things owned by a business with the beginning value and depreciated value]]> 2022-04-14 13:09:48 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143848597 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143849122 There are two types of items in an inventory : Non-depreciable and depreciable.]]> 2022-04-14 13:10:12 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143849122 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143850015 Non-depreciable inventory is items that will be used up or sold within a year. Examples include feed, fertilizer, supplies, etc.

]]> 2022-04-14 13:10:56 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143850015 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143850550 Depreciable inventory are items that have a useful life of more than one year and lose value because of age, wear or becoming out-of-date because of technology advancements.

]]> 2022-04-14 13:11:24 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143850550 chadholloman1 https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143850773 Land is not depreciable property!]]> 2022-04-14 13:11:36 UTC https://padlet.com/chadholloman1/bxpzr25rljombp8n/wish/2143850773