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This lesson provides a detailed overview of creating a balance sheet, including formatting and essential components. Key areas covered include centering the company name, report title, and date, as well as organizing asset, liability, and owner's equity sections. Additionally, it emphasizes the importance of comparing totals, understanding net income, and detailing owner’s equity. This structured approach ensures accurate financial reporting and comprehension of a company's financial position.
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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
