0
Beginning inventory is a closing inventory for last period and that's why shown as a current assets in the assets side of balance sheet. If business has started first year of activities even than beginning inventory is an asset of company and shown under current assets of balance sheet.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Inventory on a classified balance sheet?
Inventory is par to current asset at asset side in classified balance sheet as inventory is used within one fiscal year.
What are the main features of a balance sheet?
The main parts of a balance sheet are profit, loss and inventory.
Is Inventory an asset on balance sheet?
Yes, it is a stock of the company so it is shown as asset in the balance sheet.
Where is inventory on a balance sheet?
Inventory is normally used within one fiscal year that is why it is current asset of business and shown in asset side of balance sheet.
Are work in process on a balance sheet?
Yes - Like Raw materials inventory, and finished good inventory, Work in process (WIP) is recorded on the balance sheet.
Does inventory go on a balance sheet?
Yes inventory is part of current assets portion of balance sheet as it is usable in current fiscal year for revenue generation.
Is there a difference between a merchandiser's balance sheet and a service company's balance sheet?
Yes in merchandiser balance sheet there is stock of items available in balance sheet while in services balance sheet there is no inventory item available.
What is the purpose of inventory reserve estimates at balance sheet date?
How can be anticipate inventory
Where is inventory is reported in financial statement?
Value of Inventory is an asset on the balance sheet.
What part of the elements of financial statements does inventory bleong to?
Inventory is part of Balance sheet as well as income statement. Inventory is shown as an asset in balance sheet and as an expense when used in income statement.
What financial statement does merchandise inventory at end of period go on?
Closing merchandise inventory belongs on both the income statement and the balance sheet. On the income statement, it is included under Cost of Goods Sold; on the balance sheet it is categorised under Current Assets.
Three main sectons of a balance sheet?
PROFIT, LOSS, AND INVENTORY ARE OFTEN CONSIDERED MAIN SECTIONS OF A BALANCE SHEET.
