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Assets, Liabilities and Stockholder's Equity

Your help is needed. Listed below are annual balance sheets for ExxonMobil and Wal-Mart.

ExxonMobil Annual Balance Sheet
Assets $Mil Liabilities and Equity $Mil
Cash 37,734.00 Current Liabilities 54,804.00
Other Current Assets 49.019.00 Long-Term Liabilities 52,550.00
Long-Term Assets 142,194.00 Shareholders' Equity 116,593.00
Total 233.947.00 Total 233,947.00

Wal-Mart Stores
Assets $Mil Long-Term Liabilities $Mil
Cash 5,908.00 Current Liabilities 58,163.00
Other Current Assets 43,715.00 Long-Term Liabilities 34,193.00
Long-Term Assets 101,496.00 Shareholders' Equity 58,763.00
Total 151,119.00 Total 151,119.00

List and briefly describe the kinds of information on the balance sheet that qualify as assets.

List and briefly describe the kinds of information on the balance sheet that qualify as liabilities.

List and briefly describe the kinds of information on the balance sheet that qualify as owner (stockholder) equity.

List the total assets, total liability and total stockholder equity for each company.

What other people or institutions could benefit from this information?

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Answer 1:

There are three different kinds of Assets. Current Assets are items such as cash, inventory, and accounts receivable that are currently cash or expected to be turned into cash within one year. These will be the type of accounts that will be under Current Assets.

Fixed asset are assets such as land and property which cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, which are described as liquid assets.

Assets that do not "fit" in the above categories fall under 'Other Assets'. ...

Solution Summary

This problem explains asstes, liabilities and stockholder's equity. It also tries to answer the people or institutions could benefit from financial statement information.

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