balance sheet template
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balance sheet template
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balance sheet template
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balance sheet template
Balance Essentials
Accounting Equation: Assets = Liabilities + Owners Equity
Current Assets: Current length of the balance sheet which generally means "short term" which is usually one year or less. current assets generally include cash (cash, coins, balances in checking accounts and savings accounts), accounts receivable (amounts owed to your business with your customers usually within 10-60 days), supplies (goods for sale), and prepaid expenses (such as insurance and rent).
balance sheet template
Long-Term Assets: These assets include long-term investment, the cost of fixed assets (eg land, buildings, fixtures, equipment, furniture, computers, vehicles, etc.) offset by accumulated depreciation, and amortization of intangible assets (eg patents, contracts, trademarks, copyrights, and goodwill), and other assets (such as deferred income taxes arising from the loss of property values that can not be reported as a tax deduction until the property is sold).
Current Liabilities: These include the obligation that must be paid within one year, including debt, short-term borrowings, income taxes payable, wages, deferred income (such as service contracts), and current portion long term debt (eg mortgage payments are payable within 12 months .)
Long-Term Liabilities: These include long-term debt (note for example, mortgage), lease obligations (eg lease structured as a loan), and deferred income taxes (eg taxes due on increase in value of an investment security that is not 't get paid until the security are sold).
balance sheet template
Equity Owners (or equity to the company): This basically is the amount left over when you reduce your Total Liabilities from Total Assets. The investment includes owner (s) and retained earnings (part of the profits reinvested in the business). For companies, there is usually more categories (see reference below).
balance sheet template