Question

how to prepare balance sheet

Answer 1

Answer:

Here are the steps you can follow to create a basic balance sheet for your organization. Even if some or all of the process is automated through the use of an accounting system or software, understanding how a balance sheet is prepared will enable you to spot potential errors so that they can be resolved before they cause lasting damage.

(1) Determine the Reporting Date and Period

(2) Identify Your Assets

(3) Identify Your Liabilities

(4)  Calculate Shareholders’ Equity

(5) Add Total Liabilities to Total Shareholders’ Equity and Compare to Assets.

Explanation:

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