Sensational Balance Sheet Partial Example

How to Read a Balance Sheet With Example Part 2.

Balance sheet partial example. This example of a simple balance sheet. FYI if you check the balance sheet example for Georges Catering above youll see that the balances of the assets liabilities and the owners equity is the same as what we calculated in earlier lessons. Notice we put the assets on one side the liabilities on the other side along with the net worth and the values balance.

This simple balance sheet template includes current assets fixed assets equity and current and long-term liabilities. A partial balance sheet and income statement for King Corporation follow. While the balance sheet can be prepared at any time it is mostly prepared at the end of.

Terms of the sale called for a down payment of 100000 and four annual installments of 75000 due on each June 1. The Balance Sheet Mirrors the Accounting Equation. This balance sheet doesnt take.

Assets refer to properties owned and controlled by the company. The inventory at December 31 2010 was 565000. Balance sheet also known as the statement of financial position is a financial statement that shows the assets liabilities and owners equity of a business at a particular dateThe main purpose of preparing a balance sheet is to disclose the financial position of a business enterprise at a given date.

Assets Liabilities Shareholders equity. LO1 LO2 On June 1 2006 the Luttman and Dowd Company sold inventory to the Ushman Corporation for 400000. The trade receivables at December 31 2010 were 280000 net of an allowance of 8000 for a gross receivables figure of 288000.

With the account form it is easy to compare the totals. Assets including cash stock equipment money owed to business goodwill liabilities including loans credit card debts tax liabilities money owed to suppliers. Other entries on the balance sheet that are not liquid are deferred income taxes 234 million and other current assets 76 billion.