Week 3 - DQ 4 - What information is contained in the balance sheet

Week 3 - DQ 4 - What information is contained in the balance sheet

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Unformatted text preview: Week 3 DQ 4 What information is contained in the balance sheet? Response #1 The balance sheet gives detailed information about organization assets, liabilities, and shareholders equity. Assets are property or money that an organization possesses such as plants, trucks, or cash. Liabilities are amounts of money that an organization owes to others. For example, loans or rent for use of an office. Shareholders equity is capital or net worth. It is the leftover money after an organization sold all of its assets and paid off all of its liabilities. The balance sheet reports the financial position of an organization. Response #2 The information that is contained in the balance sheet is assets, liabilities, and equity. Assets are any items owned by a company that has economic value. Examples of assets are cash, account receivables, equipment, and inventory. Liabilities are obligations that company are legally bind to settle. Examples of liabilities are account payable, salaries payable, interest are legally bind to settle....
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This note was uploaded on 04/04/2012 for the course ACC 422 taught by Professor Susan during the Spring '08 term at University of Phoenix.

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