Balance Sheet (Statement of financial position)
A financial statement that shows a company's assets and debts at a particular tim
The balance sheet is one of the three main financial statements, along with the income statement and cash flow statement.
A balance sheet gives a snapshot of your financials at a particular moment, incorporating every journal entry since your company launched. It shows what your business owns (assets), what it owes (liabilities), and what money is left over for the owners (owner’s equity).
Because it summarizes a business’s finances, the balance sheet is also sometimes called the statement of financial position. Companies usually prepare one at the end of a reporting period, such as a month, quarter, or year.
The purpose of a balance sheet
Because the balance sheet reflects every transaction since your company started, it reveals your business’s overall financial health. At a glance, you’ll know exactly how much money you’ve put in, or how much debt you’ve accumulated. Or you might compare current assets to current liabilities to make sure you’re able to meet upcoming payments.
The information in your company’s balance sheet can help you calculate key financial ratios, such as the “debt to equity” ratio, which shows the ability of a business to pay for its debts with equity (should the need arise!). Even more immediately applicable is the current ratio: current assets / current liabilities. This will tell you whether you have the ability to pay all your debts in the next 12 months.
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https://www.proquest.com/docview/2250904840/fulltextPDF/C8F732FB884F4D02PQ/25
Frances McInnis Understanding a Balance sheet (Definition and Examples) 2019 https://bench.co/blog/accounting/balance-sheet/