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Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company’s resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company’s assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
Intuit Inc., consolidated balance sheet: assets
US$ in millions
Based on: 10-K (filing date: 2021-09-08), 10-K (filing date: 2020-08-31), 10-K (filing date: 2019-08-30), 10-K (filing date: 2018-08-31), 10-K (filing date: 2017-09-01), 10-K (filing date: 2016-09-01).
Assets: Selected Items
| Balance sheet item | Description | The company |
|---|---|---|
| Current assets | Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. | Intuit Inc.’s current assets increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level. |
| Property and equipment, net | Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. | |
| Long-term assets | Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. | Intuit Inc.’s long-term assets increased from 2019 to 2020 and from 2020 to 2021. |
| Total assets | Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. | Intuit Inc.’s total assets increased from 2019 to 2020 and from 2020 to 2021. |
Current Assets: Selected Items
| Balance sheet item | Description | The company |
|---|---|---|
| Cash and cash equivalents | Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. | Intuit Inc.’s cash and cash equivalents increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level. |
| Investments | Amount of investments including trading securities, available-for-sale securities, held-to-maturity securities, and short-term investments classified as other and current. | Intuit Inc.’s investments decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level. |
| Accounts receivable, net of allowance for doubtful accounts | Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. | Intuit Inc.’s accounts receivable, net of allowance for doubtful accounts increased from 2019 to 2020 and from 2020 to 2021. |