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Balance Sheet - PowerPoint PPT Presentation


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Balance Sheet. In Accounting, An Itemized Statement Of What One Owns, What One Owes, and What One Is Worth Is Called A:. Balance Sheet. The First Step In Setting Up Records Is To Find Out:. 1. What One Owns 2. What One Owes 3. What One Is Worth. Balance Sheet Reports What A Business.

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Presentation Transcript
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In Accounting, An Itemized Statement Of What One Owns, What One Owes, and What One Is Worth Is Called A:
the first step in setting up records is to find out
The First Step In Setting Up Records Is To Find Out:

1. What One Owns

2. What One Owes

3. What One Is Worth

balance sheet reports what a business
Balance Sheet Reports What A Business

Owns-Assets

Owes-Liabilities

Worth-Owner’s Equity

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(Name of Business) Navarro’s Car Wash

(Name of Form) Balance Sheet

(Date) June 30, 2007

Navarro’s Car Wash

Balance Sheet

June 30, 2007

Center

three sections of a balance sheet
Three Sections of a Balance Sheet
  • Assets
  • Liabilities
  • Owner’s Equity
assets lst section
Assets-(lst Section)
  • Things You Own
  • Examples:

Supplies

Cash

Equipment

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Liabilities-2nd Section

Things A Business Owes

-Accounts Payable-Sears, Inc.

-Accounts Payable-IBM Company

slide13

Owner's Equity

What A Business Is Worth

-Jose L. Navarro, Capital

-Jose L. Navarro, Withdrawals

slide14

Owner's Equity

The Worth Of A Business

-Joe Navarro, Capital

-Joe Navarro, Withdrawals

jon clark for example owns the following
Jon Clark, For Example, Owns The Following:

Cash OnHand $ 5,500

Equipment 25,000

Supplies 2,000

Office Equipment 5,000

Office Supplies 1,000

Total Amount Owned $38,500

jon clark owes the following
Jon Clark Owes The Following:

Owed To TG Supply 1,000

Owed To Max

Furniture 400

Total Amount Owed $ 1,400

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Assets Must Equal

Liabilities + Owner's Equity

the accounting equation
The Accounting Equation

Assets = Liabilities + Owner’s Equity

$38,500 = $1,400 + $37,100

Owns = Owes + Worth

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Here Is The Process:

Jon Clark Owns $38,500

Jon Clark Owes 1,400

Jon Clark Is Worth $37,100

by subtracting what jon clark owes 1 400 from what he owns 38 500 we find what he is worth
By Subtracting What Jon Clark Owes ($1,400) From What He Owns ($38,500) We Find What He Is Worth.

Formula

Owns - Owes = Worth

summary
Summary

Balance Sheet Reports:

  • What A Business Owns-Assets
  • What A Business Owes-Liabilities
  • What A Business is Worth-Owner’s Equity