Balance Sheet Statement Overview

DOUBLE-ENTRY ACCOUNTING     EVERY ACCOUNTING ENTRY HAS AN OPPOSITE CORRESPONDING ENTRY IN A DIFFERENT ACCOUNT ACCOUNTING EQUATION ASSETS = LIABILITIES + EQUITY ACCOUNTING EQUATION INCOME STATEMENT (I/S) FOR THE PERIOD ENDED MMM-DD-YYYY BALANCE SHEET (B/S) FINANCIAL STATEMENT PROVIDING    A 'SNAPSHOT' OF A BUSINESS'S  ASSETS, LIABILITIES AND EQUITY       AT A SINGLE POINT IN TIME PUT SIMPLY.. OWNERS THIRD PARTIES ASSETS LIABILITIES AND EQUITY TOTAL ASSETS    'ASSETS'    'LIABILITIES'    'EQUITY'    'RETAINED EARNINGS' ARE PROFITS HELD FOR FUTURE USE THEY ARE 'THE BRIDGE' LINKING THE I/S THROUGH TO THE B/S TOTAL LIABILITIES TOTAL LIABILITIES AND EQUITY THE RESIDUAL VALUE OF AN ENTITY'S ASSETS       AFTER DEDUCTING ALL IT'S LIABILITIES IT REPRESENTED THE NET FUNDS INVESTED       INTO A BUSINESS BY IT'S OWNERS TOTAL EQUITY $ X X X X X X X X X X X X X X X X X X X X X X $ $ REVENUE COST OF GOODS SOLD GROSS PROFIT/(LOSS) OVERHEAD EXPENSES OPERATING PROFTI/(LOSS) INTEREST EXPENSE TAX EXPENSE NET PROFIT/(LOSS)       STUFF A                        STUFF A BUSINESS OWNS   =   BUSINESS OWES     'READERS' OF FINANCIAL STATEMENTS        ARE EXISTING AND POTENTIAL INVESTORS, LENDERS AND CREDITORS THE B/S HELPS 'READERS' DETERMINE    A BUSINESS'S FINANCIAL HELTH         AKA STATEMENT OF FINANCIAL POSITION (SOFP) AS AT MMM-DD-YYYY BALANCE SHEET CURRENT ASSETS CASH ACCOUNTS RECEIVABLE INVENTORY PREPAID EXPENSES SHORT-TERM INVESTMENTS TOTAL CURRENT ASSETS SHORT-TERM OBLIGATIONS       THAT NEED TO BE SETTLED WITHIN ONE YEAR LIABILITIES  CURRENT LIABILITIES  ACCOUNTS PAYABLE  SALARIES PAYABLE  TAXES PAYABLE  ACCRUED EXPENSES TOTAL CURRENT LIABILITIES   NON-CURRENT ASSETS LONG-TERM INVESTMENT PROPERTY, PLANT & EQUIPMENT TOTAL NON-CURRENT ASSETS             PROBABLE FUTURE ECONOMIC BENEFITS OBTAINED OR CONTROLLED BY A PARTICULAR ENTITY AS THE RESULT OF PAST TRANSACTIONS OR EVENTS    PROBABLE FUTURE SACRIFICES OF ECONOMIC BENEFITS ARISING FROM     PRESENT OBLIGATIONS OF A PARTICULAR ENTITY TO TRANSFER     ASSETS OR PROVIDE SERVICES TO OTHER ENTITIES IN THE FUTURE AS A RESULT OF PAST TRANSACTIONS                        OR EVENTS               NON-CURRENT LIABILITIES   LONG -TERM LOANS TOTAL NON-CURRENT LIABILITIES EQUITY   OWNER'S EQUITY   RETAINED EARNINGS  SHORT TERM ASSETS         THAT CAN BE CONVERTED INTO CASH     WITHIN ONE YEAR    LONG TERM ASSETS  THAT CAN'T EASILY BE CONVERTED INTO CASH     WITHIN ONE YEAR  LONG-TERM OBLIGATIONS    THAT AREN'T EXPECTED           TO BE SETTLED        WITHIN ONE YEAR    X  (X) X/(X)  (X) X/(X)  (X)  (X) X/(X)

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2022 11 15 10.28.34