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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
What is the purpose of a company’s balance sheet?
Explain the purpose of a company’s balance sheet.
Balance sheet: This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity...
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