Balance sheet | Free template

Balance sheet is a free template that you can use to prepare a report on your company's position at a specific time.

A balance sheet should summarize a company's assets, provisions, liabilities and equity at a certain date. Pledged assets and contingent liabilities are included under the balance sheet. Record descriptions may be modified to better describe the specific company's activities, new entries may be added and entries may be divided into sub-items. In a balance sheet are the amounts of the reporting period stated and the amount for the previous comparative period provided if available.

A balance sheet shall show a firm's position at a specific time, the value of assets, provisions, liabilities and equity at a closing day. A balance sheet must balance, meaning that the value of assets must be equal to the value of liabilities, provisions and equity. Equity in the balance sheet is calculated as the value of assets minus the value of liabilities and provisions.

A balance sheet can be used to calculate key ratios such as equity ratio, current ratio and quick ratio. You can use this template to prepare a balance sheet of your company for a specific closing date. Updated: 01/01/2015 | Created by All-templates.biz

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Tags: bookkeeping