Balance Sheets Financial Statements Provide information to:

1. Balance Sheets 2. Financial Statements <ul><li>Provide information to: </li></ul><ul><ul><li>The owner…
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  • 1. Balance Sheets
  • 2. Financial Statements <ul><li>Provide information to: </li></ul><ul><ul><li>The owner </li></ul></ul><ul><ul><li>Investors </li></ul></ul><ul><ul><li>Creditors </li></ul></ul><ul><li>Three Common Statements </li></ul><ul><ul><li>Trial Balance </li></ul></ul><ul><ul><li>Income Statement (Profit & Loss) </li></ul></ul><ul><ul><li>Balance Sheet </li></ul></ul>
  • 3. Financial Statements <ul><li>Balance Sheet: A statement, as of a particular date, that shows the amount of assets owned by a business as well as the amount of claims (liabilities and owner’s equity) against these assets. </li></ul>
  • 4. Financial Statements <ul><li>Tom Brown, Business Owner </li></ul><ul><li>Balance Sheet </li></ul><ul><li>September 1, xxxx </li></ul><ul><li>Assets Liabilities </li></ul><ul><li>Cash…...........…$5,425 </li></ul><ul><li> Owner’s Equity </li></ul><ul><li>Tom Brown, Capital…..$5,000 </li></ul><ul><li>Net Income……………. 425 </li></ul><ul><li>Total Liabilities & </li></ul><ul><li>Total Assets…...$5,425 Owner’s Equity……..$5,425 </li></ul>
  • 5. The Balance Sheet includes: <ul><li>Assets : Properties (resources) of value owned by a business (cash, supplies, equipment, land). </li></ul>
  • 6. The Balance Sheet includes: <ul><li>Liabilities : Obligations that come due in the future. </li></ul>
  • 7. The Balance Sheet includes: <ul><li>Owner’s equity : Rights or financial claims to the assets of a business (in the accounting equation, assets minus liabilities) by the owner. </li></ul>
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