STOX!!!! The balance sheet reflects the carrying values of a company’s https://www.wallstreetprep.com/knowledge/asset/, https://www.wallstreetprep.com/knowledge/liability/, and shareholders’ equity at a specific point in time.Conceptually, a company’s assets refer to the resources belonging to the company with positive economic value, which must have been funded somehow.The two funding sources available for companies are liabilities and shareholders’ equity, which reflect how the resources were purchased.In simple terms, the balance sheet—also known as the “statement of financial position”—provides a comprehensive overview of a company’s assets (“what is owned”) and liabilities (“what is owed”) in a given period.The difference between a company’s total assets and total liabilities results in shareholders’ equity (or “net assets”).The standard format and three components of the balance sheet are each described in the following illustrative chart:
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