Balance Sheet: Current Assets
In This Chapter
The balance sheet complements the income statement, discussed in Chapter 1, “Working with Income Statements.” You need both reports to keep track of your company’s financial status. A balance sheet contains two primary sections:
Assets states the balances in the company’s asset accounts on a given date.
Liabilities and Equity states the balances in the company’s liability and its equity accounts on the same date.
These two sections must be in balance; that is, the total of the company’s assets must equal the total ...