TopicIncome statement and balance sheet examples.
PostedSat, Aug 24th 2019 18:18 PM
Your balance sheet helps you understand the relationship between your income and your expenses, so you can maintain profitability. This document will help you become a profit expert in your business because it will allow you to work with your business’ financial numbers to build a workable balance. This incredibly powerful tool not only tells you where you’ve been, but it will help you forecast into the future.
The balance sheet, also called the statement of financial position, is the third general purpose financial statement prepared during the accounting cycle. It reports a company’s assets, liabilities, and equity at a single moment in time. You can think of it like a snapshot of what the business looked like on that day in time.