Balance Sheet (Projected) Enter your Company Name here Beginning as of mm/dd/yyyy Assets Current Assets Cash in bank Accounts receivable Inventory Prepaid expenses Other current assets Total Current
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Hi class welcome to accounting 230 this is financial accounting we're going to be going over lots of interesting things this semester let me start off by saying the first chapter I don't have a video for that first chapter because it's just a lot of terms and you can easily read through that first chapter and get an idea of what accounting is about the different types of professions that are about out there learn about bookkeeping versus a true accounting information like that now this is the next chapter the next chapter starts off by talking about the financial statements okay and before I get into the first financial statement that we want to talk about the balance sheet I just want to explain the accounting equation the accounting equation which is assets equal liabilities plus owner's equity okay this is what makes up our balance sheet but let's look at this accounting equation first it is a mathematical equation so assets are things that we own alright so let me put that down here what we own liabilities the other side of the equation is what we owe and then owner's equity is the claim that the owners of the company have so I'm just going to put down the owners claim in the business so owners claim all right so let's just go over some examples of each of each category here assets are things that we own okay now we're talking about corporations here businesses so things that the businesses own the most common would be their cash I'm getting abbreviate here but accounts receivable accounts receivable just like IOUs when people owe less money if we sell something and oftentimes our sales are on credit then people OS money they haven't given us the cash yet but they owe us money so they have an account with us that we're going to receive later okay so accounts receivable is an account that we're going to receive the cash later hopefully we get that cash all right another one is in the taury inventory is definitely an asset it's things that we own that we're trying to sell okay and buildings buildings are another common asset there's all sorts of assets hundreds and hundreds of assets but these are some very common assets that we own okay so now let's move on to liabilities liabilities is what we owe to other people so the most common would be if we buy something on credit so it's kind of the opposite of an accounts receivable if we buy something on credit then we have an Accounts Payable meaning we have an account in the account with somebody and we have to pay them off later okay so that's an accounts payable so basically if you have two businesses here that are doing doing business with each other if if one buy something on credit they have an Accounts Payable the other one has the accounts receivable okay so if there's an Accounts Payable someone else or some other business has an accounts receivable in that same dollar amount okay I did another other liabilities with these such things as taxes payable if we have a loan we might have a loan...