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4 years ago

ANSWER ASAP!!!

Business

1 answer:

goldenfox [79]4 years ago

8 0

Answer:

See explanation section below

Explanation:

A balance should like the following format (Using hypothetical data)

"XXX" Company < The name of your company

Balance Sheet

As of December 31, 2019 < It should be the opening day of 2020 of your company

Assets

Current Assets

Cash XXXXX

Accounts Receivable XXXX

Supplies XXXX

Inventory XXXX

Prepaid expenses XXX

Accrued revenues XXX

Total current assets (Add cash to accrued revenues to get total current assets)

Non-current assets (Fixed assets)

Tangible assets (Equipment, building, land, and machine)

Less: Accumulated depreciation - tangible assets

Intangible assets (Goodwill and patent)

Less: Impairment

Total Non-current assets (Fixed assets)

Total assets (Add total current assets and non-current assets)

Liabilities and Stockholders' equity

Current liabilities

Accounts payable

Unearned revenue

Bank Overdraft

Accrued expenses

Salaries/wages/interest payable

Total current liabilities

Long-term liabilities (Notes payable, bonds payable)

Total liabilities

Stockholders' equity

Common stock

Retained earnings

Total stockholders' equity

Total Liabilities and Stockholders' equity

This is how we can build up a balance sheet

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