![]() ![]() X Trustworthy Source Financial Industry Regulatory Agency Non-governmental organization responsible for regulating brokerage firms and exchange markets Go to source Add your bills: electricity, gas, internet/telephone/cable, mobile phone bill, water or sewer, and any other bills you pay. Next, add your housing expenses, such as rent, mortgage, or property tax. Add together the money you pay out each month into savings and investments. It is called a balance sheet because, at any given moment, each side of this equation must 'balance' out.Add up your monthly expenses. There are 3 sections in a balance sheet, represented by the following:įormula: Owner's equity = Assets - Liabilities At any point in time, it shows you how much money you would have left over if you sold all your assets and paid off all your debts. This is also known as the 'bottom line'-net profit is the total amount earned (or lost) after paying all expenses.Ī balance sheet (also known as a statement of financial position) is a summary of all your business assets (what your business owns) and liabilities (what your business owes). ![]()
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