Balance sheet and statement of retained earnings.
What is Balance sheet ?
- In accounting, a balance sheet refers to the summary of the financial balance of an individual or organization, whether it is a sole proprietorship, partnership, corporation, limited liability company, or other organization such as a government or non-profit organization.
- First, assets, liabilities, and equity are listed as of a particular date (such as the end of the fiscal year).
- A balance sheet is often referred to as a "snapshot of a company's financial position."
- Of the four basic financial statements, the balance sheet is the only financial statement that relates to a specific point in the company's calendar year.
- A typical corporate balance sheet has two pages.
- Assets on the left and Funding on the right. debt and equity.
- The major categories of assets are usually listed first, usually in order of liquidity. Assets are followed by liabilities.
- The difference between assets and liabilities is called the company's equity or net worth or net worth or equity, and according to the accounting equation, net worth should be equal to assets minus liabilities.
To learn more about Balance sheet from the given link :
https://brainly.com/question/26323001
#SPJ4
