Chapter 2: The Balance Sheet

0

A company's balance sheet is it's financial situation at a particular time. It is just a formal presentation of the Accounting Equation

Balance Sheet
Assets
Cash and Cash Equivalents $50,000
Inventory $110,000
Accounts Receivable $20,000
Property, Plant, and Equipment $300,000
Total Assets: $480,000
Liabilities
Accounts Payable $20,000
Notes Payable $270,000
Total Liabilities: $290,000
Owner's Equity
Common Stock $50,000
Retained Earnings $140,000
Total Owner's Equity $190,000
Total Liabilities + Owner's Equity $480,000

  • 0 posts
  • 0 subtopics
  • 10 months ago by vince