A free sample from chapter 2 Accounting Fundamentals of our Landlord / Property Management in QuickBooks guide. Section 2.06 Introducing the Balance Sheet. We hope you’ll become a customer today, or sign up for the free e-course.
A Balance Sheet is a statement of the book value of a company at a particular date, usually at the end of its fiscal year. Think of it as a “snapshot” of the company’s financial condition on a given date. It answers how much the assets, liability and the equity are worth.
The balance sheet has two parts: assets and liabilities. Assets of the company include money (“in hand” or owed to it), investments (including securities and real estate), and other property. The total assets are equal to the claims for payments (liabilities).
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