[talee5997]

On the Balance Sheet under Assets, I know you are to put Cash, A/R, Supplies, Equipment.

If you have supplies such as Photography Supplies and Photography Equipment does these items go on the Balance Sheet?

Does Furniture and Fixtures go here as well?

Balance Sheet

Cash
A/R
Supplies
Photography Supplies
Equipment
Photography Equipment
Furniture and Fixtures

Total Assets

Thanks

[morgaine300]

Yes, yes and yes.

You need to understand the definition of an asset, because it will be impossible to memorize what every possible asset could be. The over-simplified definition is just stuff the company owns. That right there covers all three things you named. A more complicated definition are things which have value in the future. That is, something which either is useful to the company in doing their business, which includes things like supplies, equipment, furniture, etc. Or things which they have a claim on and are collectible, like Accounts Receivable. Sometimes the "value" is hard to see, like prepaid insurance. But it too is providing something useful for the company in doing their business: it's providing coverage.

Photography supplies are exactly like office supplies, except they are more specific. But they are still something of value that the company uses. ANY type of equipment counts. It doesn't matter if it's photography equipment or not. Things like the equipment and furniture are plant, or fixed, assets. (Things that are tangible and will be used for over one year.)