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
<em>Current Assets</em>
Cash XXXXX
Accounts Receivable XXXX
Supplies XXXX
Inventory XXXX
Prepaid expenses XXX
Accrued revenues <u> XXX</u>
Total current assets (Add cash to accrued revenues to get total current assets)
<em>Non-current assets (Fixed assets)</em>
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
<em>Current liabilities</em>
Accounts payable
Unearned revenue
Bank Overdraft
Accrued expenses
Salaries/wages/interest payable
Total current liabilities
<em>Long-term liabilities (Notes payable, bonds payable)</em>
Total liabilities
<em>Stockholders' equity</em>
Common stock
Retained earnings
Total stockholders' equity
Total Liabilities and Stockholders' equity
This is how we can build up a balance sheet
