Balance sheet is a statement of the financial position of a business that lists the assets, liabilities, and equity at a particular point in time. Simply, balance sheet illustrates your business’s net worth. The balance sheet formula is asset = liabilities + equity.
Asset are things that a company owns and are sometimes referred to as the resources of the company. For example: vehicles, cash, supplies, and equipment.
Liabilities are obligations of the company. For example: loan from the bank, tax, accounts payable, wages, ect.
Equity, also known as shareholder’s equity is the difference (or residual) of assets minus liabilities. Equity is also the “Book value” of the corporation.
For more details, the picture below is example for balance sheet page:
Go to Reports - Balance Sheet
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