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This lesson provides detailed guidance on preparing a balance sheet, encompassing essential elements such as centering the company name, report title, and report date. Learn to categorize asset and liability amounts, along with owner’s equity sections effectively. Key concepts include the arrangement of account titles, calculating totals for assets and liabilities, and ensuring accurate representation of owner's equity through beginning and ending capital calculations. Master the structure of a balance sheet to ensure clarity and compliance in financial reporting.
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LESSON 7-2 Balance Sheet Information on a Work Sheet
BALANCE SHEET page 187 LESSON 7-2
HEADING OF A BALANCE SHEET page 187 1 2 3 1. Center the name of the company on the first line. 2. Center the name of the report on the second line. 3. Center the date of the report on the third line. LESSON 7-2
1 6 Assets Liability amounts 5 Account titles 2 Account titles 4 Liabilities 7 Single line 8 Total Liabilities 9 Total of liabilities 3 Asset amounts ASSETS AND LIABILITIES SECTIONS OF A BALANCE SHEET page 188 LESSON 7-2
1 Owner’s Equity 2 Account title 3 Capital amount 4 Single line 5 Total Assets 7 Total Liab. and Owner’s Eq. 9 Compare totals 6 Total of assets 10 8 Double lines Total of Liabilities and Owner’s Equity OWNER’S EQUITY SECTION OF A BALANCE SHEET page 189 LESSON 7-2
3 Net Income Current capital amount 8 1 Beginning capital Difference 6 Beginning capital amount 2 7 Ending capital 5 Single line 4 9 Drawing Total Liabilities and Owner’s Equity OWNER’S EQUITY REPORTED IN DETAIL ON A BALANCE SHEET page 190 LESSON 7-2
