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2 years ago

Explain the equation for the balance sheet. Define the three major components reported on the balance sheet.

Business

1 answer:

Lelechka [254]2 years ago

8 0

The equation for the balance sheet (also known as the basic accounting equation) is:

Assets = Liabilities + Stockholders' Equity.

The three major components reported on the balance sheet are-

(1) the assets, which are probable future economic benefits owned or controlled by the entity

(2) the liabilities, which are probable future sacrifices of economic benefits; and

(3) the owners’ equity, calculated as the residual interest in the assets of an entity after deducting liabilities.

The list of assets shows the forms in which the company’s resources are lodged; the list of liabilities and the owners’ equity indicate where these same resources have come from.

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Answer:

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Svetllana [295]

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Note: Missing options are attached with the answer.

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