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A balance sheet shows an overview of the financial health of an organization for a given period

The balance sheet report on the organisation assets, liabilities and equity within a given period.

Balance sheet date Current assets Bank Petty cash Prepaid advertising Accrued rent Stock of supplies Debtors Stock Non-current assets Equipment Accumulated depreciation of equipment Motor vehicles Accumulated depreciation of motor vehicles Total assets Equities Current Liabilites Creditors Accrued salaries Prepaid rent Loan Non-current liabilities Loan Owners equity Capital Net profit Drawings Total equities Balance sheet date Current assets Bank Petty cash Prepaid advertising Accrued rent Stock of supplies Debtors Stock Non-current assets Equipment Accumulated depreciation of equipment Motor vehicles Accumulated depreciation of motor vehicles Total assets Equities Current Liabilites Creditors Accrued salaries Prepaid rent Loan Non-current liabilities Loan Owners equity Capital Net profit Drawings Total equities

How are the balance sheet and income statement connected?

They are task involving balance sheet that you may be required to undertake. E.g determing current asset and liabilities

Balance sheet is a statement of assets and liability of an organisation as at the end of an accounting year. When the current year's is compared with the previous year's it could reveal growth or otherwise of the organisation.

Balance sheets ,along with income statements,are the most basic elements in providing financial reporting to potential lenders such as banks,investors and vendors who are considering how much credit to grant the firm

Balance sheets ,along with income statements,are the most basic elements in providing financial reporting to potential lenders such as banks,investors and vendors who are considering how much credit to grant the firm .

What is the balance sheet example?