The first statement we'll build is a simple balance sheet. The balance sheet is critical because it shows us what the business owns, what it owes, and what it is worth. Our final result should look similar to the following screenshot:
This is a final reminder that we will use the simplest elements first and adopt some alternate, although still simple, methods to make the reports easier to use and consume as we progress through this chapter.
Let's begin building our balance sheet with some general report information using basic Excel: