TopicProfit and loss account and balance sheet sample.
PostedWed, Aug 28th 2019 09:24 AM
You may be wondering why you, as an individual, may need a personal balance sheet. The answer is that it’s an accurate and timely tool for measuring your financial worth and thinking about what changes you can take to enhance it.
Retained earnings are a little different. Remember the formula for the balance sheet? (Assets = Liabilities + Equity?) If you’ve filled out the rest of your balance sheet template, then you will have only retained earnings left to work with. Therefore, retained earnings are equal to Assets – Liabilities – Contributed Capital.