Download - Balance Sheetppt183
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In Accounting, An Itemized Statement Of What One Owns, What One Owes, and What One Is Worth Is Called A:
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The First Step In Setting Up Records Is To Find Out:
1. What One Owns
2. What One Owes
3. What One Is Worth
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Balance Sheet Reports What A Business
Owns-Assets
Owes-Liabilities
Worth-Owner’s Equity
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(Name of Business) Navarro’s Car Wash
(Name of Form) Balance Sheet
(Date) June 30, 2007
Navarro’s Car Wash
Balance Sheet
June 30, 2007
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Navarro’s Car WashBalance SheetJune 30, 2006
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Three Sections of a Balance Sheet
• Assets
• Liabilities
• Owner’s Equity
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Assets-(lst Section)
• Things You Own
• Examples:SuppliesCashEquipment
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Navarro’s Car WashBalance SheetJune 30, 2006
Assets
Cash On Hand
Equipment
Supplies
Total Assets
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Things A Business Owes
-Accounts Payable-Sears, Inc.
-Accounts Payable-IBM Company
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Navarro’s Car WashBalance SheetJune 30, 2006
Assets
Cash
Equipment
Supplies
Total Assets
Liabilities
Accounts Pay.-IBM
Accounts Pay./Sears, Inc.
Total Liabilities
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What A Business Is Worth
-Jose L. Navarro, Capital
-Jose L. Navarro, Withdrawals
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The Worth Of A Business
-Joe Navarro, Capital
-Joe Navarro, Withdrawals
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Navarro’s Car WashBalance SheetJune 30, 2006
Assets
Cash
Equipment
Supplies
Total Assets
Liabilities
Dell Computers
Accounts Pay./TG Supplies
Total Liabilities
Owner’s Equity
JL Navarro, Capital
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Jon Clark, For Example, Owns The Following:
Cash On Hand $ 5,500
Equipment 25,000
Supplies 2,000
Office Equipment 5,000
Office Supplies 1,000
Total Amount Owned $38,500
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Jon Clark Owes The Following:
Owed To TG Supply 1,000
Owed To Max
Furniture 400
Total Amount Owed $ 1,400
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The Accounting Equation
Assets = Liabilities + Owner’s Equity$38,500 = $1,400 + $37,100
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Jon Clark Owns $38,500
Jon Clark Owes 1,400
Jon Clark Is Worth $37,100
Here Is The Process:
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By Subtracting What Jon Clark Owes ($1,400) From What He Owns ($38,500) We Find What He Is Worth.
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Summary
Balance Sheet Reports:
• What A Business Owns-Assets• What A Business Owes-Liabilities
• What A Business is Worth-Owner’s Equity
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