Balance sheet is statement of the total assets and liabilities of an organization at a specific point in time. It is often described as snapshot of a company’s financial condition. Standard balance sheet consists of three parts i.e. Assets, Liabilities and ownership equity. Assets are economic resources which are owned by the business. Similarly liabilities are or obligation of an organization to pay money or render service at future date. Whereas, shareholders equity is the net worth of company and is calculated by deducting liabilities from assets. Balance sheet follows the rule of accounting equation i.e. Assets = Liabilities + Shareholders’ Equity. Investors can find the financial health of a company with the help of balance sheet because it is a picture of a company’s financial position. Following is the balance sheet of Kramer Trading Company. In order to see the Income Statement of Kramer Trading Company, please click here.
Kramer Trading Company
Balance Sheet
For the Month Ended 31 January 2010
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Thank you for the short and useful lessons!