What is the balance sheet format?
Balance sheet format. Assets are divided into current or short-term assets, and non-current or long-term assets. Simply put, assets are what the company owns. Liabilities are also split into short and long-term concerns, and include debts and obligations payable to outside parties. Liabilities — alongside equity — are what the company owes.
What are the assets on the balance sheet?
Balance Sheet Assets Current Assets: Cash Accounts Receivable Less: Reserve for Bad Debts Merchandise Inventory Prepaid Expenses Notes Receivable Total Current Assets Fixed Assets: Vehicles Accumulated Depreciation Furniture and Fixtures Equipment Buildings Land Total Fixed Assets Other Assets: Goodwill Total Other Assets Total Assets
What is the balance sheet equation?
Balance sheet equation. As the name suggests, the equation balances out, with assets on the one side being equal to the sum of liabilities and equity on the other. Think of it this way. Whatever a business owns — its assets — have been financed by either taking on debt (liabilities), or through investments from the owner or shareholders (equity).
What is a personal balance sheet?
Personal balance sheet. This type of balance sheet mainly includes current assets like saving and checking accounts, current liabilities like mortgage debt, loan debt or due, long-term assets like real estate and common stock, etc.
Balance-Sheet-Example.pdf