In this episode, I’ll be talking about balance sheet. The balance sheet is one of the three core financial statements that you use to evaluate your business. It provides a snapshot of what your business owns and owes as of the date of publication. Based on the fundamental equation: Assets = Liabilities + Equity, the balance sheet presents your business’ total assets and how the assets are financed, either through debt or equity. It is divided into two sections. The left side of the balance sheet outlines all of your business’ assets. On the right side, the balance sheet outlines your business’ liabilities and owners’ equity.Balance sheets vary from business to business and from industry to industry. However, there are several items that are almost always included in common balance sheets. These are: current assets, long-term assets, current liabilities, long-term liabilities, and equity.

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