As a individual taxpayer any thing that you own is a current personal asset.
An individual taxpayer can also have some business assets to be counted you would add the value of all of those items and you will have the amount of your current assets.
Your current liabilities would be the total value amount of ever dollar that you owe to any one currently. You would add those numbers together and you would have your current liabilities.
I had to answer this with a more suitable answer. In accounting assets are anything of value a company owns. There are generally two classes of assets, current and long-term (aka fixed).
Current assets are any assets that can be reasonably liquidated into cash within a set time frame, usually a year or less.
Long-term (or fixed) assets are assets that would take much longer to convert to cash (or to liquidate) this is generally listed under PP&E (property, plant, and equipment)
The same rules apply to current liabilities, with the exception of the fact that your company "owes". A liability is anything your company owes to another.
Current liabilities are any liabilities that you can expect to pay off in a certain amount of time, one year or less.
Long-term liabilities are liabilities that can not be reasonably expected to be paid off in a year or less, this can include mortgages, notes payable for things such as vehicles, etc.
Current liabilities to total assets ratio is the comparison between total assets in business with current liabilities in business.
Basic Accounting Equation: Assets = Liabilities + Owner's Equity Assets = Current Assets + Fixed Assets Liabilities = Current Liabilities + Long-term liabilities So Assets = Liabilities + Owner's Equity then current assets + fixed assets = current liabilities + long-term liabilities + owner's equity 2230 + 9900 = 1380 + 4040 + owner's equity 2230+9900 - 1380 - 4040 = owner's equity 6710 = owner's equity
Solvency. A company is considered solvent if it's current assets exceed it's current liabilities. A company is considered to be insolvent if their current liabilities exceed their current assets.
Current assets = total assets - long term assets Current assets = 1903000 - 894410 Current assets = 1008590 Current ratio = 1.6 Current ratio formula = Current asset / Current liabilities 1.6 = 1008590 / Current liabilities Current liabilities = 1008590 / 1.6 Current liability = 630369
Assets: Inventory 25000 Other current assets 100000 Long term assets 75000 Total assets 200000 Liabilities: Current liabilities 50000 Long term liabilities 150000
Current liabilities to total assets ratio is the comparison between total assets in business with current liabilities in business.
Basic Accounting Equation: Assets = Liabilities + Owner's Equity Assets = Current Assets + Fixed Assets Liabilities = Current Liabilities + Long-term liabilities So Assets = Liabilities + Owner's Equity then current assets + fixed assets = current liabilities + long-term liabilities + owner's equity 2230 + 9900 = 1380 + 4040 + owner's equity 2230+9900 - 1380 - 4040 = owner's equity 6710 = owner's equity
Solvency. A company is considered solvent if it's current assets exceed it's current liabilities. A company is considered to be insolvent if their current liabilities exceed their current assets.
Current assets = total assets - long term assets Current assets = 1903000 - 894410 Current assets = 1008590 Current ratio = 1.6 Current ratio formula = Current asset / Current liabilities 1.6 = 1008590 / Current liabilities Current liabilities = 1008590 / 1.6 Current liability = 630369
Formula for net current assets :net current assets = current assets - current liabilities
the two ratios that measure liquidity is acid test and current ratio. the acid test ratio is current assets- stock/ current liabilities the current ratio is current assets/ current liabilities
The format of the Balance Sheet is Assets = Liabilities + Equity * Current Assets * Fixed Assets * -------------------- * Total Assets * Current Liabilities * Long Term Liabilities * -------------------------- * Total Liabilities * Equity * Net Income * ---------------------------- * Total Equity * -------------------------- * Total Liabilities and Equity
Assets: Inventory 25000 Other current assets 100000 Long term assets 75000 Total assets 200000 Liabilities: Current liabilities 50000 Long term liabilities 150000
One can calculate the working capital ratio by: Totalling ones current assets and current liabilities, working capital is calculated by subtracting the current assets from current liabilities. The ratio is calculated by dividing the current assets by the current liabilities.
Some current assets include:CashMarket able securitiesA/C ReceivableSome current liabilities include:A/C payableNotes Payable
I am not sure if you can get total assets using the "current liabilities" and "current ratio" however, you can reverse the problem (formula) and get the current assets. Say your company has 40M in current assets and 20M in current liabilities to get the current ratio, we take 40M (current assets) / 20M (current liabilities) = 2.0 (current ratio) if we leave out the current assets we can take 20M (current liabilities) * 2.0 (current ratio) = 40M (current assets) Let's do a couple more to prove the formula. 80M (ca)/25M (cl) = 3.2 (cr) 25M (cl) * 3.2 (cr) = 80M (ca) 33M (ca) / 11M (cl) = 3.0 (cr) 11M (cl) * 3.0 (cr) = 33M (ca) M = Millions ca = current assets cl - current liabilities cr - current ratio
Current assets are different from current liabilities in this sense that current assets are usable in current fiscal year to generate revenue while current liabilities are all those amount or items which are already used in current fiscal year and amount is still payable in current year.