The following are the current assets from Hanes Co. as of December 31, 2014:
Prepare the current asset section of the balance sheet.
Definitions:
Fair Value
Fair value is the estimated price at which an asset could be bought or sold in a current transaction between willing parties, apart from in a liquidation sale.
Depreciable Assets
assets that lose value over time due to wear and tear, deterioration, or obsolescence, which businesses can write off as an expense over the asset's useful life.
Straight-Line Depreciation
A method of allocating the cost of a tangible asset over its useful life in equal annual amounts.
Fair Value
The estimated market value of an asset or liability, based on current prices in an active market.
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