Balance Sheet

BALANCE SHEET. This form is used to provide a snapshot of a company's financial position at the end of a fiscal year. It lists the company's assets, liabilities, and equity. The form is divided into sections for current assets (like cash, accounts receivable, inventory, temporary investments, and prepaid expenses), long-term investments, and fixed assets (like land, buildings, equipment, and furniture/fixtures). On the liabilities side, it includes current liabilities (like accounts payable, short-term notes, current portions of long-term notes, interest payable, taxes payable, and accrued payroll). The equity section varies depending on the type of business entity (proprietorship, partnership, or corporation) and includes owners' equity, partners' equity, or shareholders' equity (including capital stock, capital paid-in excess of par, and retained earnings). The balance sheet ensures that the total assets equal the total liabilities and equity, providing a balanced view of the company's financial health. www.FormsWorkflow.com