A Balance Sheet refers to one of the main financial statements created for any business to outline their equity, liabilities, and assets and analyze their financial performance. It is a breakdown of items the organization owns, money it owes, and funds invested by owners and shareholders over the years. You can download a Balance Sheet Template through the link below.
Properly-drafted and calculated Financial Statements allow business owners and accountants to scrutinize the company's financial health, evaluate the market position of the business, and see the overall ability to handle outstanding debts. You will be able to compare the data from consecutive months and years and find out the best way to comply with your financial obligations.
There are different ways to summarize information from the Balance Sheet accounts:
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