Great The First Section Of A Balance Sheet Represents Your
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Assets are the resources belonging to the entity.
The first section of a balance sheet represents your. In other words the totals on each side must be in perfect balance hence the name balance sheet. The following are the three main elements of the statement of financial position. Assets are grouped into two sections.
The first section listed under the asset section of the balance sheet is called current assets. A balance sheet consists of three primary sections. Assets on the left and liabilities and owners equity on the right.
Assets Liabilities Equity. Side Kicks Company Adjusted Trial Balance December 31 2004 Debits Credits Cash 41000 Account Receivable 163500 Allowance for doubtful accounts 8700 Prepaid. The balance sheet represents the basic accounting equation.
A balance sheet is fairly straightforward in that it consists of just two columns. Assets are things that the restaurant owns. The second section lists the firms liabilities and owners equity for a small business or retained earnings for a corporation.
Current assets on the balance sheet include cash cash equivalents short-term investments and other assets that can be quickly converted to cashwithin 12 months or less. The statement of changes in owners equity is completed as a supporting document for the income statement. Accounting Equation for Balance Sheet.
Remember the left side of your balance sheet assets must equal the right side liabilities owners equity. First Items in the Balance Sheet. In a companys balance sheet the term owners equity is often replaced by the term stockholders equity.
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