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Balance Sheet

Balance Sheet. In Accounting, An Itemized Statement Of What One Owns, What One Owes, and What One Is Worth Is Called A:. Balance Sheet. The First Step In Setting Up Records Is To Find Out:. 1. What One Owns 2. What One Owes 3. What One Is Worth. Balance Sheet Reports What A Business.

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Balance Sheet

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  1. Balance Sheet

  2. In Accounting, An Itemized Statement Of What One Owns, What One Owes, and What One Is Worth Is Called A:

  3. Balance Sheet

  4. The First Step In Setting Up Records Is To Find Out: 1. What One Owns 2. What One Owes 3. What One Is Worth

  5. Balance Sheet Reports What A Business Owns-Assets Owes-Liabilities Worth-Owner’s Equity

  6. (Name of Business) Navarro’s Car Wash (Name of Form) Balance Sheet (Date) June 30, 2007 Navarro’s Car Wash Balance Sheet June 30, 2007 Center

  7. Sample

  8. Three Sections of a Balance Sheet • Assets • Liabilities • Owner’s Equity

  9. Assets-(lst Section) • Things You Own • Examples: Supplies Cash Equipment

  10. Sample

  11. Liabilities-2nd Section Things A Business Owes -Accounts Payable-Sears, Inc. -Accounts Payable-IBM Company

  12. Sample

  13. Owner's Equity What A Business Is Worth -Jose L. Navarro, Capital -Jose L. Navarro, Withdrawals

  14. Owner's Equity The Worth Of A Business -Joe Navarro, Capital -Joe Navarro, Withdrawals

  15. Sample

  16. The Accounting Equation A = L + O.E.

  17. Jon Clark, For Example, Owns The Following: Cash OnHand $ 5,500 Equipment 25,000 Supplies 2,000 Office Equipment 5,000 Office Supplies 1,000 Total Amount Owned $38,500

  18. Jon Clark Owes The Following: Owed To TG Supply 1,000 Owed To Max Furniture 400 Total Amount Owed $ 1,400

  19. Assets Must Equal Liabilities + Owner's Equity

  20. The Accounting Equation Assets = Liabilities + Owner’s Equity $38,500 = $1,400 + $37,100 Owns = Owes + Worth

  21. Here Is The Process: Jon Clark Owns $38,500 Jon Clark Owes 1,400 Jon Clark Is Worth $37,100

  22. By Subtracting What Jon Clark Owes ($1,400) From What He Owns ($38,500) We Find What He Is Worth. Formula Owns - Owes = Worth

  23. Summary Balance Sheet Reports: • What A Business Owns-Assets • What A Business Owes-Liabilities • What A Business is Worth-Owner’s Equity

  24. Prepare a Balance Sheet

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