
Introduction to Books and Records 105
In the reports of most corporations, the assets category
is subdivided further. In the current assets category, any
asset that could be converted into cash within 1 year of the
statement date would be listed. In the Capone balance sheet,
current assets include:
• Cash: currency and coin, as well as money depos-
ited in a bank
• Securities: stocks, bonds, and similar noncash items
that can quickly be converted into cash
• Accounts receivable: money owed by customers for
goods or services provided by the business, includ-
ing credit sales not yet paid for (An allowance for
bad debts is usually calculat ...