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Wednesday, May 19, 2021 1:35:26 PM
You would not see a building or a list of building on a balance sheet.
CORPORATE ACCOUNTING 101 (per INC.com):
The purpose of the balance sheet is to reveal the financial status of a business as of a specific point in time. The statement shows what a company owns (assets) and how much it owes (liabilities), as well as the amount invested in the business (equity).
Take note the definition DOES NOT SAY, "Part of the stuff a company owns!"
The Balance Sheet accounts for EVERYTHING a company owns, including BUILDINGS! The Q1 SPRV CONSOLIDATED Balance Sheet shows the Company OWNS NOTHING!
TOTAL ASSETS = ZERO!
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