Answer:
See explanation section below
Explanation:
A balance should like the following format (Using hypothetical data)
"XXX" Company < The name of your company
Balance Sheet
As of December 31, 2019 < It should be the opening day of 2020 of your company
Assets
Current Assets
Cash XXXXX
Accounts Receivable XXXX
Supplies XXXX
Inventory XXXX
Prepaid expenses XXX
Accrued revenues XXX
Total current assets (Add cash to accrued revenues to get total current assets)
Non-current assets (Fixed assets)
Tangible assets (Equipment, building, land, and machine)
Less: Accumulated depreciation - tangible assets
Intangible assets (Goodwill and patent)
Less: Impairment
Total Non-current assets (Fixed assets)
Total assets (Add total current assets and non-current assets)
Liabilities and Stockholders' equity
Current liabilities
Accounts payable
Unearned revenue
Bank Overdraft
Accrued expenses
Salaries/wages/interest payable
Total current liabilities
Long-term liabilities (Notes payable, bonds payable)
Total liabilities
Stockholders' equity
Common stock
Retained earnings
Total stockholders' equity
Total Liabilities and Stockholders' equity
This is how we can build up a balance sheet
