Home

Statement of working capital requirements

The inventory working capital requirement is 9,000 or 4.9% of revenue. Again, any lack of control, letting inventory levels rise, can cause severe cash flow problems. For example, if the inventory levels rose to 120 days (4 months inventory), the working capital requirement increases to 36,000 or 19.7% of revenue The Working Capital Requirement of a business is the sum of current assets or the amount of funds necessary to cover the cost of operating expenses of the business. The two main components of working capital are current assets and current liabilities. The excess of current assets over current liabilities is known as working capital Financing Working Capital Requirements on a Real Sample Assignment The Board of Directors of Nanak Engineering Company Private Ltd. request you to prepare a statement showing the working Capital Requirements for a level of the activity of Rs. 1,56,000 units of production

How to Calculate Working Capital Requirement Plan

  1. A business has adequate working capital when its current assets exceed the value of current liabilities by a healthy margin. Ideally, a working capital ratio between 1.2 and 2 is considered adequate for a business's optimum performance
  2. The balance sheet working capital items include both operating and nonoperating assets and liabilities whereas the changes in working capital section of the cash flow statement only includes operating assets and liabilities an
  3. Working Capital = Cost of Goods Sold (Estimated) * (No. of Days of Operating Cycle / 365 Days) + Bank and Cash Balance. If the cost of goods sold (estimated) is $35 million and operating cycle is 75 days and bank balance required is 1.25 million. Therefore, Working Capital = 35 * 75/365 + 1.25 = $8.44 Million
  4. This method of forecasting working capital requirements is based upon the statistical technique of estimating or predicting the unknown value of a dependent variable from the known value of an independent variable
  5. imum of 12 months from the date of th
  6. Working capital is calculated by taking current assets and deducting current liabilities. For instance, if a company has current assets of $100,000 and current liabilities of $80,000, then their..

Working capital assesses a company's ability to pay its current liabilities with its current assets, giving us an indication of the subject's short-term financial health, capacity to clear its.. The working capital formula is: Working Capital = Current Assets - Current Liabilities The working capital formula tells us the short-term liquid assets available after short-term liabilities have been paid off. It is a measure of a company's short-term liquidity and is important for performing financial analysis, financial modelin of a working capital statement made under the Prospectus Directive (PD) is far wider. We have set out below how these requirements interact in the context of particular transactions. Class 1 acquisitions In preparing a working capital statement, the ESMA Recommendations suggest that issuer The requirement of working capital also varies among the enterprises depending upon the nature of the business. For instance, trading companies require more working capital than manufacturing companies Setting up a Net Working Capital Schedule. Below are the steps an analyst would take to forecast NWC using a schedule in Excel. Step 1. At the very top of the working capital schedule, reference sales and cost of goods sold from the income statement Income Statement The Income Statement is one of a company's core financial statements that shows their profit and loss over a period of time

Working Capital Definition Working Capital means those liquid funds whether in form of cash, deposits in bank or in either way which is kept by an enterprise to manage the day to day running expenses of the business You are required to prepare a statement of the working capital needed to finance a level of the activity of 54,000 units of output. Production is carried on evenly throughout the year and wages and overheads accrue similarly. State your assumptions, if any, clearly Working capital analysis is used to determine the liquidity and sufficiency of current assets in comparison to current liabilities. This information is needed to determine whether an organization needs additional long-term funding for its operations, or whether it should plan to shift excess cash into longer-term investment vehicles c) Undrawn profits are not considered in working capital statement due to the following reasons. i. For the purpose of the determining working capital provided by net profit it is necessary to adjust the net profit for income tax, dividend, drawings and so on. ii. Profits need not always be a source of financing working capital. They may be.

Working Capital Requirement - BBAmantr

  1. Working Capital Formula in Excel (With Excel Template) Here we will do the same example of the Working Capital formula in Excel. It is very easy and simple. You need to provide the two inputs i.e. Current Assets and Current Liabilities. You can easily calculate the Working Capital using the Formula in the template provided
  2. g of cash flows • Working capital is a basic measure of both acompany's efficiency and its short -term financial health - Too much: may indicate inefficient use of resources, low retur
  3. Average stock holding in terms of sales requirements-12 weeks g. Allow 10% for contingencies. Prepare an estimate of WC requirements from the following: 2. X co. is desirous to purchase a business and has consulted you to advice them on the requirements of working capital in the first year with the following information
  4. Preparing the Schedule/Statement of changes in working capital. Preparing the schedule/statement of changes in working capital requires us to present the information relating to the current area of the balance sheets pertaining to the two periods in the format given below and deriving and presenting the changes within them
  5. Working capital is the amount of money a company has left over after subtracting current liabilities from current assets. Working capital tells you if a company can pay it's short-term debts and have money left over for operations and growth. Working capital should be used in conjunction with other financial analysis formulas, not by itsel
  6. Whereas, less working capital is required in the case of a small organisation. (c) Business cycle: The need for working capital is affected by various stages of the business. For instance: During the boom period, the demand for a product increases, and sales also increase. Thus, more working capital is required

What Are Working Capital Requirements? Financing Assignmen

Working Capital = Current Assets - Current Liabilities. Both current assets and liabilities can be found directly on your company's balance sheet. Contrary to your income statement, your balance sheet is a snapshot in time, and the numbers are constantly changing. Every time your business changes its amount of currents assets or. Cash Flow Statement, Including Working Capital. Update the after-tax cash flows for the automated machining center project of Example 10.1 by including a working-capital requirement of $23,333 in year 0 and full recovery of the working capital at the end of year 5 Working capital management (WCM) is defined as the management of short-term liabilities and short-term assets. The process is used continuously to operate and generate cash flow to meet the need for short-term obligations and daily operational expenses. The primary goal of working capital management is to sufficiently maintain the operations of. Operating Activities includes cash received from Sales, cash expenses paid for direct costs as well as payment is done for funding working capital. read more, and it is recorded on the statement of cash flows Statement Of Cash Flows Statement of Cash flow is a statement in financial accounting which reports the details about the cash generated.

Working Capital Formula - How to Calculate Working Capital

(ii)- coolers- working capital requirement will be more as it is a seasonal product. (iii)- sugar- working capital required for manufacturers will be more as a ration of raw material cost to total cost is more. (iv)- Furniture- less amount of working capital needed as it doesn't require large stock To illustrate how much of a change each of these assumptions can have on working capital requirements, Table 10.11 forecasts expected changes in non-cash working capital using each of the approaches. In making these estimates, we have assumed a 10% growth rate in revenues and earnings for the Gap for the next 5 years

Working capital refers to the circulating capital required to meet the day to day operations of a business firm. Working capital may be defined by various authors as follows: 1. According to Weston & Brigham - Working capital refers to a firm's investment in short term assets, such as cash amounts receivables, inventories etc. 2 Assessment of working capital requirement. Jun112019. Financial Analysis. The assessment of fund based working capital limit for MSME units requiring fund based working capital limits upto Rs.5.00 crore and for others up to Rs.2.00 crore from the banking system may be on the basis of the Turnover method (Nayak Committee norms) Statement of working capital required ` ` Current Assets Raw materials inventory 30,000 Debtors 75,000 Working-in-process 18,750 Finished goods inventory 67,500 Cash 20,000 2,11,250 Current Liabilities Creditors 30,000 Direct wages payable 2,500 Overheads payable 5,000 Estimated working 37,500 capital requirements 1,73,750 Prabhat MittalPut. Capital requirements are the amount of equity a financial institution must have in relation to its assets. If capital requirements are 5%, it means that a bank must have $1 in equity for every $20 dollars of assets. However, when it comes to computing bank capital in today's regulatory environment, all assets are not created equal

/01 Additional Net Capital Requirement . The net capital requirement is increased by one percent of accrued liabilities that are excluded from aggregate indebtedness under the provisions specified at interpretation 15c3-1(c)(2)(iv)(C)/09. (SEC Letter to NASD, July 24, 1984) (No. 87-6, May 1987) /02 Consolidations, Minimum Net Capital Requirement The following working capital ratios are expected to apply. Required: Compute the working capital requirement. Additional question - Working capital inv levels (1) A company's annual sales are $8 million with a mark-up on cost of60%. It normally settles payables two months after purchases are made,holding one month's worth of demand in inventory Variable Working Capital: Working capital requirements of a business firm might increase or decrease from time to time due to various factors. Such variable funds are drawn from short-term sources and are referred to as variable working capital. 3) Objectives of working capital management. The main objectives of working capital management are Working Capital represents the company's ability to cover its short-term obligations with its current assets, including cash and other liquid assets. Most significant new projects for a busines

Working capital statements The working capital statement in a prospectus is a key protection for investors. It tells investors whether or not, in the issuer's opinion, the issuer and its group have sufficient working capital for their present requirements, that is for at least 12 months from the date of the prospectus B. Working Capital. The excess of current assets over current liabilities is the firm's Working Capital. Working capital is required for daily routines and operations, such as paying salaries, suppliers, creditors, etc. Working Capital is a measure of the firm's liquidity. It is calculated using the assets and liabilities listed on the Balance. Working capital for businesses affected by COVID-19. The outbreak of novel Coronavirus (2019-nCoV) that was first reported in Wuhan by Chinese health authorities in January 2020 has been classified as a global pandemic. While healthcare professionals across the globe strive to alleviate human suffering, economists and financial institutions are. Working capital finance is business finance designed to boost the working capital available to a business. It's often used for specific growth projects, such as taking on a bigger contract or investing in a new market. Different businesses use working capital finance for a variety of purposes, but the general idea is that using working capital. 2.2 In accordance with these guidelines, the working capital requirement is to be assessed at 25% of the projected turnover to be shared between the borrower and the bank, viz. borrower contributing 5% of the turnover as net working capital (NWC) and bank providing finance at a minimum of 20% of the turnover

A parent company financial statement, with no illustration of the working capital for each subsidiary, is not acceptable as proof of working capital. 12. Can we use a company tax return prepared by a CPA as proof of working capital? No, company tax returns are not accepted to document working capital REQUIREMENTS FOR BID LIMITS, may submit a personal financial statement to increase their net worth or working capital. Any personal financial statement or parent company financial statement submitted for the purpose of increasing the bid limit of a license shall not include the value of the ownership which will not be considered KPMG explains cash flow classification issues and noncash disclosure requirements in detail. We provide interpretive guidance on ASC 230, including illustrative examples and Q&As. New in this edition, we address specific statement of cash flows issues including government grants, revolving facilities, funds held for others, tax paid under group. Working Capital Requirement is the amount of money needed to finance the gap between disbursements (payments to suppliers) and receipts (payments from customers). Almost every company must incur expenses before obtaining the fruits of his labor (the payment of customer invoices). The nature of these costs depends on the activity Efficient working capital management allows hospitals to reduce their holdings of current assets, such as inventory and accounts receivable, which earn no interest income and require financing with short-term debt. The resulting cash inflows can be reinvested in interest-bearing financial instruments or used to reduce short-term borrowing, thus.

The working capital requirement of a business is not likely to be high when? (a) The nature of business is trading (b) Scale of operation of business is small State with reasons whether the following statements are True or False. 1. The primary objective of financial management is to arrange wealth for shareholders. Answer The investment of funds on current assets also facilities the financial manager to arrange for working capital requirements. Working capital management in practiced by taking into account the.

Along with the annual financial statements and interim financial information, all registered firms are required to deliver a completed Form 31-103F1 showing the calculation of the firm's excess working capital as at the end of the financial year or interim period, as applicable, and as at the end of the immediately preceding financial year or immediately preceding interim period, as applicable Working Capital = $1,45,000 + $60,000. Working Capital = $85,000. The total current assets are $1,45,000 while total current assets are $60,000. Subtracting both of these gives us the working capital of $85,000. The company has a good amount of cash after it has paid all of its obligations. This means that the company is in a good financial. With regard to equity securities, the prospectus must include a working capital statement stating the adequacy to the company for present purposes through to the next 12 months. In The Netherlands, the proceeds of the offering can only be included in calculating working capital if the offering is unconditional

Working Capital Example, Formula & Definition - Wall

The working capital calculator can be used by any business to estimate the cash needed to fund its working capital requirements. Working capital is the amount of cash needed to fund the normal day to day trading operations of the business. In a simple business it would be calculated as follows Dealers also registered in another category must file interim financial statements similar to the requirement described above for IFMs. Working Capital. Working capital is a litmus test for a registrant's ability to cover its short-term obligations. Registrants must use the Form 31-103F1 to calculate the excess working capital Net working capital = Current assets - Current liabilities. Current assets refer to resources that are short-term in nature. Meaning, they include cash and other resources that are easily convertible into cash (i.e., within 12 months or the normal operating cycle, whichever is longer). Current assets include: cash and cash equivalents. Calculate working capital. This calculation is just basic subtraction. Subtract the current liability total from the current asset total. For example, imagine a company had current assets of $50,000 and current liabilities of $24,000. This company would have working capital of $26,000 Adequacy of Working Capital This is a key component to the credit decision and one that is scrutinized in repurchases and audits. The lender must determine and justify the adequacy of working capital in a loan request. Simply stating that the business is a cash business or that the principals have additional cash if needed is not sufficient

Methods for Estimating Working Capital Requiremen

  1. g Ideko's market share will increase by 0.55 percent per year; investment, financing, and depreciation will be adjusted accordingly; and the projected improvements in working capital occur (that is, Ideko's working capital requirements through 2010 will be as shown here)
  2. #WorkingCapital #FinancialManagementFor full course, visit: https://academyofaccounts.orgWhatsapp : +91-8800215448Described the procedure, calculations and c..
  3. The free cash flow takes into account the consumption of capital goods and the increases required in working capital. For example in a growing company with a 30 day collection period for receivables, a 30 day payment period for purchases, and a weekly payroll, it will require more and more working capital to finance its operations because of.
  4. A Funds Flow Statement is a financial document that analyses a company's Balance Sheet of two years to validate the movement of funds from the previous financial year to the current year.In other words, it compares the source of inflow and outflow of funds during the concerned accounting period and analyses how it affects the working capital of an organization

Estimating Working Capital Requirement: Top 5 Methods

  1. All statements must be in U.S. dollars. All statements must include full disclosures. Business statements must include a classified balance sheet. Personal statements that have been prepared by a Certified Public Accountant must include a supplemental schedule disclosing working capital and net worth
  2. State whether the following statement is true or false. Financial institutions and banks cater to the working capital requirement of business
  3. Change in Working Capital Summary: On the Cash Flow Statement, the Change in Working Capital is defined as Old Working Capital - New Working Capital, where Working Capital = Current Operational Assets - Current Operational Liabilities. It's defined this way on the Cash Flow Statement because Working Capital is a Net Asset, and when an Asset increases, the company must spend cash to do so
  4. The working capital allows you to see what debts can be resolved by liquidating your existing assets. Obviously, this is an extreme scenario. In most cases, the working capital report is generated on a 12-month scale, and it takes into account all debts due within the next 12 months

A company must present financial information covering at least three years. 75% of the company's business must be supported by a revenue-earning track record for the 3 year period. The prospectus will include a working capital statement (projected cash flow, P&L and balance sheet for the 18 months post-IPO) that considers both internal and. nature of Working Capital Finance Programs, the SVO anticipates that documentation governing Working Capital Finance Investments will be subject to the laws and jurisdiction of the courts of California, Delaware or New York, or a similar legal jurisdiction with significant exposure to sophisticated institutional financial transactions. 134 Working-capital funds shall be reimbursed for supplies so sold, services so rendered, or work so performed by charges to applicable appropriations or payments received in cash. to ensure that the balance in that working-capital fund does not exceed the amount necessary to provide for the working-capital requirements of A statement of. A statement by the directors of a company that in their opinion the working capital (the amount it needs to finance its stocks and day-to-day expenses of running the business) available to the company and its subsidiaries is sufficient, or, if not, how it is proposed to provide the additional working capital thought by the directors to be necessary I. Statement of Purpose of a Risk-Based Capital Requirement for Property-Casualty Companies There are two main purposes of a risk-based capital requirement: 1. Permitting Regulatory Attention The risk-based capital requirement should help regulators to meaningfully discriminate between those companies needin

Statement showing the estimation of working capital requirements of Alpha Limited Particulars A Current Assets: Inventories - Raw material x — IPCC 37e F.M. (Problems) Working Capital Amount Amount (Rs.) 2, 00, 000 Managemen A working capital adjustment is needed commonly when you sell a company and see potential disparity in the current liabilities and current assets. An adjustment allows buyers and sellers to meet a more fair price for both the buyer and the seller of the business after the initial sale is complete From 27 June 2020, amendments to the Capital Requirements Regulation (CRR) - the CRR 'Quick Fix' applied that respond to the Covid-19 pandemic. footnote [1] In accordance with the European Union (Withdrawal Agreement) Act, the CRR 'Quick Fix' applies directly to PRA-regulated firms. This statement sets out the PRA's initial views on the following measures included in the package. 10 Bank Loan Requirements You Must Be Prepared For (And Why) April 06, 2021. Working Capital. Business Finances Small Business Loans. For small businesses, having additional financing can be imperative. Without it, you might find yourself being unable to afford payroll, inventory, equipment, and other necessary costs

Part III, A: Statements of sufficiency of working capital

  1. The Relationship Between Profitability And Working Capital Management Finance Essay. Contents. 1. Chapter 01 1.1 Introduction. Investors to earn profit and to maximize their wealth invest funds in various business activities; there are many forms of business activities available for the investments, such as sole proprietorship, partnership and limited liability companies
  2. Net working capital requirements, such as an increase in accounts receivable, create a cash inflow at the beginning of a project Net working; Question: Pick the correct statement related to net working capital from below. Multiple Choice Net working capital can be ignored in project analysis because any expenditure is normally recouped at the.
  3. Calculating Working Capital. Working capital is the measure of a company's liquidity and is factored into valuations. In essence, acquirers buy working capital in a perfect dollar-for-dollar exchange when they buy a company. What an entrepreneur can take away - usually - is excess cash, common stock or retained earnings

1. The board of directors of Aravind mills limited request you to prepare a statement showing the working capital requirements for a level of activity of 30,000 units of output for the year. The cost structure for the company's product for the above mentioned activity level is given below. Cost per Unit (Rs. Working Capital Management d.Similar to the capital structure management, working capital management requires the financial manager to make a decision and not address the issue again for several months 24.The amount of current assets that varies with seasonal requirements is referred to as _____ working capital. a.permanent b.net c.temporary d. In addition, if there is a material trend or uncertainty, the impact of the new credit policy on cash flows from operations should be disclosed. 52 While a cash flow statement prepared using the indirect method would report that various individual components of working capital increased or decreased during the period by a specified amount, it. It consists of the sum of all current assets and current liabilities. 1  Net working capital measures the short-term liquidity of a business, and can also indicate the ability of company management to utilize assets efficiently. Depending on the analyst, there are slightly different definitions of current assets and current liabilities

M&A Report - Two Sides to Working Capital Adjustments. November 13, 2017. Click for PDF. Buyers and sellers often agree that a target company's valuation assumes that the target will be sold on a cash-free, debt-free basis, with a normalized level of working capital. With respect to working capital, which is typically defined as current. Statement of Sources and Applications of Funds for the period from __ to __ Sources (Inflow) of Funds Amount Applications (Outflow) of Funds Amount; 1) Capital 2) Profit/Loss Appropriation 2,50,000 2,86,000 1) Land and Buildings 2) Plant and Machinery 3) Bank Loan 3,50,000 50,000 3,00,000 5,36,000 : 7,00,000: Change in Working Capital: 1,64,00

Now that you have values for your current assets and current liabilities, plug them into the following formula: (Current Assets) - (Current Liabilities) = (Working Capital) E.G. $75,000 - $42,000 = $33,000. The resulting amount is your working capital. In the provided example, the business has $33,000 of working capital the listing document to include a statement by the directors that in their opinion the working capital available to the group is sufficient for the group's requirements for at least 12 months from the date of the listing document or, if not, how it is proposed to provide the additional working capital considered by the directors to be necessary working capital through an Agreed-Upon Procedure Report or an audited financial statement (see above). The licensee shall submit proof of a surety bond meeting the necessary requirements with the increase application and subsequent annual license renewal forms Their working capital requirements are nominal because they may have only cash and supply services, not products. Thus, no funds will be tied up in debtors and stock (inventories). Working capital requires most of the manufacturing concerns to fall between the two extreme requirements of trading firms and public utilities

Working capital is not mandatory to be put inside the financial statements. It is the measure of the liquidity of the firm and it gives us ideas about how well a company can meet its current obligations Working capital. Working capital is the money that allows a corporation to function by providing cash to pay the bills and keep operations humming. One way to evaluate working capital is the extent to which current assets, which can be readily turned into cash, exceed current liabilities, which must be paid within one year

o a written statement of the registrant's current net working capital, if the registrant is not exempt from the working capital requirement, or o a written statement that the registrant is exempt from the working capital requirement. • The Registrar may require that the financial documents referred to in this questio Nature of business: Working capital requirements of a firm are basically influenced by the nature of the business. In practice, trading and financial firms have a very small investment in fixed assets but require a large sum of money to be invested in working capital The merger of a SPAC and target company often raises complex financial reporting and governance issues. As we highlight below, some of the key considerations related to the unique risks and challenges of a private company entering the public markets through a merger with a SPAC include: Market and timing considerations; Financial reporting.

Working Capital (NWC) Definition, Formula, and Example

Net working capital is the difference between a business's current assets and its current liabilities. Net working capital is calculated using line items from a business's balance sheet. Generally, the larger your net working capital balance is, the more likely it is that your company can cover its current obligations Working Capital Cycle. Working Capital Cycle or popularly known as operating cycle, is the length of time between the outflow and inflow of cash during the business operation. It is the time taken by the firm, for the payment of materials, wages and other expenses, entering into stock and realizing cash from the sale of the finished good Personal or parent supplemental statements are limited to 50% of working capital and net worth. The Board may limit the monetary license limit based on prior experience. Be sure to list all experience of owners and officers. If the working capital is mainly uncollected accounts receivable, the Board may not utilize the full amount The Working Capital Effect on Cash Flows and Value An increase in working capital implies that more cash is invested in working capital and thus reduces cash flows. Firms with significant working capital requirements will find that their working capital grows as they do, and this working capital growth will reduce their cash flows Working capital investment - CASFLO APP. 4.1.2. Working capital investment. Working capital investment can be confused with the net working capital but it is a different concept as it refers to the calculation of working capital needed for operations, thus excluding unnecessary treasury the company may hold

How Do You Calculate Working Capital? - Investopedi

Working Capital Example. In the following example, we calculate a company's working capital by reviewing its simplified balance sheet: Using the working capital formula and information from the table above, we can calculate the company's working capital: Working Capital = $160,000 - $65,000 = $95,000 (a positive sum) Working capital The company must have working capital of at least $1.5 million as shown in its reviewed pro forma statement of financial position. A statement that the company has enough working capital to carry out its stated objectives must be contained in the company's prospectus or be provided to the ASX from an independent expert Working Capital Requirement 3,84,000 Working Capital Requirement 7,33,200 So, the Working Capital requirement will increase by (Rs. 7,33,200-3,84,000)=Rs. 3,49,200 due to change from single shift to double shift operations activities. As a result, this Statement provides financial statement users with insight to how the entity generates and uses cash and cash equivalents. The table below outlines the overall requirements and guidance provided in IAS 7, as well as other related guidance: Table A.1 - IAS 7 at a glance: IAS 7 (or related IFRS) reference Scope (IAS. The other two traditional methods of assessment of working capital limits are MPBF (Maximum Permissible Bank Finance) or Cash Budget Method depending upon requirements of the customers. The level of limit for each type of facilities under MPBF method will depend upon on the nature of current assets less suitable margin, within the overall.

Working Capital Formula - How to Calculate Working Capita

4. Comparative statement of Current Asset & liabilities: Fourth statement which gives the comparative analysis of current assets & current liabilities movement of the borrower. This basically decides the actual working capital cycle for the projected period and the capacity of the borrower to meet their working capital requirements. 5 Working capital is described as the capital which is not fixed but the more common uses of the working capital is to consider it as the difference between the book value of current assets and current liabilities. Meaning: Working Capital is a part of the capital which is needed for meeting day to day requirement of the business concern GASB Statement No. 32, Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans — a rescission of GASB Statement No. 2 and an amendment of GASB Statement No. 31. GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools A company uses its working capital for its daily operations. You can calculate the change in net working capital between two accounting periods to determine its effect on the company's cash flow. An increase in net working capital reduces a company's cash flow because the cash cannot be used for other purposes while it is tied up in working. Working capital (abbreviated WC) is a financial metric which represents operating liquidity available to a business, organization, or other entity, including governmental entities. Along with fixed assets such as plant and equipment, working capital is considered a part of operating capital. Gross working capital is equal to current assets