The balance sheet summarizes all of an organisations’s assets, liabilities, and equity as of at a certain date. The balance sheet is one of the documents included in an organisations’s financial statements.
Typical line items included in the balance sheet are:
- Assets: Cash, accounts receivable, inventory, and fixed assets
- Liabilities: Accounts payable, accrued liabilities, taxes payable, short-term loan, and long-term loan
- Partners/Shareholders’ equity: Stock, retained earnings etc
The total amount of assets listed on the balance sheet should always equal the total of all liabilities and equity accounts listed on the balance sheet. You can drill down to ledgers and transactions.