A balance sheet is a fiscal statement that resumes a company’s assets, liabilities, stockholders equity at a particular time.It is also termed as ‘statement of financial position’. There are many financial statements like income statement, statement of cash flow, statement of shareholder’s equity, balance sheet. Among all these,Balance sheet is one the most important financial statement used by the accountants and business owners.
Usually, it is called ‘ snapshot’ of the company calculated every six months or in a year. Accountancy is quite a complex topic due to which students find difficulty in solving various projects. But if you want your career as an accountant or company secretary in any private sector company or public sector company, then you must have perfect knowledge of balance sheet. It is a known fact that some students find difficulty understanding how to solve balance sheet.
Here is “Balance sheet homework answer” help to provide you perfect knowledge. Now we need to understand the important elements of balance sheet. You will be already aware of 3 balance sheet statements that give a proper knowledge of what current status the company is. Aside to this, you will also know what the company is obliged to pay and presents the actual financial position of the company.
Let me explain in details about balance sheet.
These are the three major components of balance sheet:-
Assets are the resources that company owns through transactions and have future value. In this, the accounts are presented in a sequence from top to bottom in the form of liquidity, and then they are converted into cash. Assets are further classified into current assets and non-current assets.
The assets which can be converted into cash within 1 year or less than that is called current assets. These may be like prepaid expenses, accounts allowance, goods available for sale whereas those assets which cannot be liquidated in the next year are called long term asset. They may be like land, machinery, intangible assets.
Liability is the amount of money a company is indebted to pay or an amount any company is supposed to pay. It involves the money company borrows in order to carry out any business activity. Thus, it is included in accounts payable or general debt term liability. There are two types of liability Current liability and long-term liability.
Current liabilities are those which are payable within a year and are listed in order to their due dates. Few of its examples are wages payable, customer prepayments, taxes, rents. In case of long-term liabilities, they are payable after one year. For example, retirement money, interests and much more.
- Shareholders equity–
It is also called ‘owner’s stockholder equity’ or ‘ net assets’. As per balance sheet homework answer,tip shareholders equity is equivalent to Total assets minus total liabilities.
Or, shareholders equity=share capital= retained earnings- treasury shares.
Shareholder equity presents all management of money and credit banking and investments with the help of preferred shares and common shares.
In accordance with Balance sheet homework answer few tip balance sheet cleaves to this formula are:-
Assets= Liabilities + Shareholder’s Equity
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Here is one example of a balance sheet format by the Balance sheet homework answer to help students to understand the assignments and solve them easily:
The annual income statement issued by John Wine shop would have the following heading:
Find the total assets of the John
John wine shop,
December 31, 2016
Report format of Balance Sheet
Accounts receivable 1,000
Prepaid rent 2,000
Total current assets 73,900
Leaseholder improvements 90,000
Accumulated depreciation (-) 5,000 = 85,000
Total long term assets 85,000
Total assets: 158,900