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Balance Sheet

"Balance sheet is a financial statment which summarizes the company's finances such as assets, liabilities and shareholder's equity at a particular point of time. The balance sheet adheres to the following formula: Assets = Liabilities + Shareholders' Equity"
  • Assets are the things which company owns, and they have future economic value which can be converted into dollars.
  • Liabilities are the amounts owed to creditors for past transactions, which are actually payables.
  • Shareholder's Equity or Owners Equity which can be thought as a source of company's assets. Owner's equity is referred to as the book value of the company.

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