Statement of Owner's Equity Same as for a service company. Summarizes all changes in the Owner's equity. Long-Term Assets Property plant and Equipment Expected to be used for more than one year. Land Buildings Office Equipment Store Equipment Delivery Equipment Longer lives listed first. Land is not depreciated.
Accumulated depreciation are amounts subtracted from cost of asset to get book value of asset.
Current Liabilities Obligations due within one year or the normal operating cycle and will require the use of current assets. Long-Team Liabilities Obligations that will extend beyond one year or the normal operating cycle. Payable Long-term Notes Payable Owner's Equity Accounts are determined by the type of organization. Sole Proprietorship Partnership Corporation Financial Statement Analysis Evaluate the financial condition and profitability by management and creditors. Compare with previous performance and competitors.