Current assets include the assets that will be converted into cash, sold, consumed or received Statement of owner’s equity reports the changes in the capital throughout the period caused by the owner’s capital investments or withdrawals, net profit or loss. Balance sheet reports the assets, liabilities and the owner’s equity in a specific date. Revenues and expenses are reported in the income statement; assets, liabilities and owner’s equity are reported in the balance sheet. This company has raw material to be consumed within 10 months.