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2015-10-05 15:-10-05 15:00:00 Financial Management English Balance sheets are essential financial statements that reflect a company's assets, liabilities and owners' equity. Finding mac address on xbox 360. Learn how to create a. Creating Financial Statements: How to Prepare a Balance Sheet.
A is a picture of a company’s net worth at a given time, such as the end of the year. It reflects the company’s assets, liabilities and owner’s equity.
It’s important to create and review this to track the growth (or contraction) of your business. Overview As the term implies, a balance sheet is a two-column statement of items that are the same: both columns should balance each other out. The first column is a list of. The second column is the sum of a list of liabilities and the owner’s equity in the business.
Expressed as an equation, the balance sheet shows: Assets = Liabilities + Owner’s Equity The balance sheet helps you see how much an investment in your business is worth. To do this, simply express the equation as: Owner’s Equity = Assets – Liabilities Assets on the Balance Sheet “Assets” include all items of cash and property held by the company. Usually, assets on the balance sheet are divided into two categories: current assets and noncurrent assets. Current assets include: • Cash: Money in petty cash, deposits in checking and savings accounts, and any short-term investment that can readily be converted into cash. • Marketable securities: Stocks, bonds and other securities held for investment that are readily tradable. •: Money owed to the company by a customer or client that is expected to be paid within a year.
•: Raw materials, works in progress and finished goods produced or acquired for sale to customers in the normal course of business. Businesses may have an obsolescence reserve that reduces the inventory asset on the balance sheet. • Pre-paid expenses: Amounts for insurance coverage or other that are expected to be used or applied within one year. Noncurrent assets include: • Property: Equipment and machinery, buildings and land, furniture and fixtures. • Intangible property:, and, as well as. Liabilities on the Balance Sheet These are or other obligations of the company that have a negative effect on net worth. There are two basic categories of liabilities: current liabilities and long-term (fixed) liabilities.
Current liabilities, which are liabilities reasonably expected to come due within a year, include: • Payables: Money owed to suppliers and vendors for goods or services bought by the company. This is also referred to as accounts payable (A/P). • Accrued expenses: Expenses incurred by the business for which there is no, such as wages, employee benefits (e.g. Medical insurance, retirement plan contributions) and federal and state taxes • Short-term borrowing: Company credit card bills, lines of credit, etc. • Unearned revenue: Revenue from a product or service that has yet to be delivered or performed. Long-term (fixed) liabilities include: • Mortgages: Borrowing to buy or build the company’s facilities (e.g.
Buildings, factories, etc.) • Other loans: for company vehicles, equipment purchases and loans from shareholders. • Bonds: issued by the company to raise capital (this type of liability is unusual for a small business). Owner’s Equity on the Balance Sheet This portion of the balance sheet represents the value of owners’ interest in the company.