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- Hey dude do you know what a balance sheet is? Well if you don't know, a balance sheet is a way for companies to see how they are doing in a day. They do this by calculating their assets minus their liabilities to get their owner's equity .
- After you are done calculating this you will have your owner equity or the net worth of the company.But even before you calculate this there is a specific way that your balance sheet has to look like.When creating your balance sheet th left sides will have you assets and the right side will have your liabilities and owner's equity
- After you are done calculating this you will have your owner equity or the net worth of the company.But even before you calculate this there is a specific way that your balance sheet has to look like.When creating your balance sheet th left sides will have you assets and the right side will have your liabilities and owner's equity
- At the top of your balance sheet should be 3 heading in the order who,where,when.When you are listing your assets in order of liquidity and for liabilities it should be in order of the maturity date.One important thing to remember is that both should be listed in alphabetical order.
- After you are done this you should know single underline means subtotal and double underlines means total. You can also never use abbreviation or corrections on the final copy and line up the figure and dollar signs
- Along with a balance sheet another thing that is important in accounting is an income statement.An income statement is a financial statement that is used to help a business see their profit or loss over the month these are normally created for retail based businesses and service based businesses.
- When preparing an income statement you put the revenue the company has made then under that you have to put all the expenses that the company has after you do this you do total expenses minus your revenue to get your net worth.
- After you are done calculating this you will have your owner equity or the net worth of the company.But even before you calculate this there is a specific way that your balance sheet has to look like.When creating your balance sheet th left sides will have you assets and the right side will have your liabilities and owner's equity
- You can only accurately report the profit if all the costs of doing business in a particular period are matched with the revenue generated during that period.
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