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After a new company purchases a building and pays for office supplies, its balance sheet will Still balance.
A balance sheet, also referred to as a statement of financial position or a statement of financial condition in financial accounting, is a summary of the financial standing of a person or an organization, including a corporation, private limited company, sole proprietorship, business partnership, government agency, or not-for-profit organization. As of a particular date, such as the conclusion of its financial year, assets, liabilities, and ownership equity are listed. It's common to refer to a balance sheet as a "picture of a company's financial status." The balance sheet is the only one of the four fundamental financial statements that only applies at one particular period in a company's fiscal year. Assets are on the left side of a balance sheet for a typical business, and financing is on the right, which is divided into two halves by liabilities and ownership equity. Typically, the most liquid assets are listed first, followed by the major asset classes. Liabilities are listed after assets. Equity, net assets, net worth, or capital of the corporation is the difference between assets and liabilities, and under the accounting equation, net worth must be equal to assets minus liabilities.
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