define balance sheet assets liabilities equity

define balance sheet

assets

liabilities

equity

Expert Solution

Balance sheet

Balance sheet also known as the statement of financial position that reports the firms financial position at a specified point in time. The balance sheet consists of assets, liabilities and equity.

Assets

Assets are resources that are controlled which results from prior transacrtions that are expected to generate economic benefits in the future.
Assets are classified as current assets and non current assets.

Liabilities

Liabilities are accumulated financial obligations that results from past events that are expected to require an economic outflow of resources,

Equity

The equity is equal to assets minus liabilities. Equity also known as stockhloders equity or owners equity.

Assets = Liabilities + Equity

jeff jeffy answered 2 years ago

1. The balance sheet consists of assets and liabilities and equity. With a focus on liabilities,...

1. The balance sheet consists of assets and liabilities and equity. With a focus on liabilities, discuss the connectedness of these three components. 2. Discuss the components needed to determine the present value of a noncurrent liability. 3. Discuss the relationship between the income statement and the shareholders' equity section of the balance sheet. 4. Discuss the purpose of other comprehensive income and accumulated other comprehensive income. 5. Compare and contrast book value per share and market capitalization. 6. Evaluate...

Create a balance sheet (assets, liabilities, equity, liabilities + equity) for Tech Co using the following...

Create a balance sheet (assets, liabilities, equity, liabilities + equity) for Tech Co using the following information: Adjusted Trial Balance As of December 31, 2014 Debits Credits Cash 278,554,562 Accounts Receivable 128,102,723 Allowance for Doubtful Accounts 5,764,623 Inventory 1,438,773,206 Merchandise Purchases 2,363,146,864 Buildings 198,895,751 Accumulated Depreciation - Building 84,843,130 Equipment 104,891,998 Accumulated Depreciation - Equipment 42,768,575 Trademark 80,000 Accounts Payable 1,243,547,398 Interest Payable 2,258,179 Taxes Payable 9,015,728 Notes Payable 160,391,997 Bonds Payable 200,000 Premium on Bonds Payable 3,600 Dividends Payable...

Think about this: assets equal liabilities plus equity. This is the balance sheet and if it...

Think about this: assets equal liabilities plus equity. This is the balance sheet and if it balances, and you’ve audited it, then the income statement must be reasonably stated. Right? What’s the point in auditing the income statement if you’ve audited everything else on the balance sheet – and it all balances. In fact, you’ve probably noticed that the focus of all the audit work we’ve studied has been on the balance sheet. Please consider and discuss the reasons why...

Higginbotham, INC Balance Sheet ($000) Assets Liabilities and Stockholder’s Equity Cash

Higginbotham, INC Balance Sheet ($000) Assets Liabilities and Stockholder’s Equity Cash $ 1,500 Marketable Securities 2,500 Accounts Receivable 15,000 Inventory 33,000 Tot. Curr. Assets $52,000 Fixed Assets (net) 35,000 Total Assets $87,000 Accounts Payable $12,500 Notes Payable 12,500 Tot. Current Liab. $25,000 Long-term Debt 22,000 Total Liabilities $47,000 Common Stock (par) 5,000 Paid-in Capital 18,000 Retained Earnings 17,000 Total Stock Equity $40,000 Tot Liab. And Stockholder Equity $87,000 Higginbotham, INC Income Statement ($000)...

. The Balance sheet reveals the firm's assets, liabilities and owners' equity (net worth). But the...

. The Balance sheet reveals the firm's assets, liabilities and owners' equity (net worth). But the cash position of the company also forms a very prominent position in order to know the liquidity of the company. The balance sheet items (in OMR) are taken from Magrib Ltd. for the years 2018 and 2019 respectively: 2018 2019 Assets Furniture, Equipment and buildings 100,060 81,040 Current Assets Inventory 29,300 14,480 Sundry debtors 12,750 15,870 Bank ...

1) With respect to a balance sheet with categories Assets, Liabilities, and Equity, construct a simple...

1) With respect to a balance sheet with categories Assets, Liabilities, and Equity, construct a simple mathematical equation that links the three. How is the Income Statement different from the Statement of Cash Flows? How does accrual accounting partially explain this? Which one is the most important to discerning the company’s true operating story and then forecasting its future prospects?

Balance sheet: What is the Financial position of the company's Assets, Liabilities, and Stockholder's Equity?

Ratio Analysis: Balance Sheet (Millions of $)       Assets   Liabilities and Equity   Cash and securities $  1,554.0...

Ratio Analysis: Balance Sheet (Millions of $)       Assets   Liabilities and Equity   Cash and securities $  1,554.0 Accounts payable $  7,980.0 Accounts receivable 9660.00 Notes payable 5880.00 Inventories   13,440.0 Accruals     4,620.0 Total current assets 24654.00 Total current liabilities 18480.00 Net plant and equipment   17,346.0 Long-term bonds   10,920.0 Total assets 42000.00 Total debt 29400.00     Common stock 3360.00     Retained earnings     9,240.0     Total common equity 12600.00     Total liabilities and equity 42000.00 Income Statement (Millions of $)   Other data:   Sales 58800.00 Shares outstanding (millions) 175.00...

As we have discussed, the classified balance sheet groups classes of assets, liabilities and equity. The...

As we have discussed, the classified balance sheet groups classes of assets, liabilities and equity. The most common classifications used within a classified balance sheet are: Current assets Long-term investments Fixed assets (or Property, Plant, and Equipment) Intangible assets Other assets Current liabilities Long-term liabilities Shareholders' or Stockholder's equity The sum of these classifications equals what? And, are all classified balance sheets categorized the same?

Hewlard Pocket’s market value balance sheet is given. Assets Liabilities and Shareholders’ Equity A. Original balance...

Hewlard Pocket’s market value balance sheet is given. Assets Liabilities and Shareholders’ Equity A. Original balance sheet Cash $ 150,000 Debt $ 0 Other assets 950,000 Equity 1,100,000 Value of firm $ 1,100,000 Value of firm $ 1,100,000 Shares outstanding = 100,000 Price per share = $1,100,000 / 100,000 = $11 Pocket needs to hold on to $52,000 of cash for a future investment. Nevertheless, it decides to pay a cash dividend of $2.10 per share and to replace cash...

Question