The Balance (2024)

FAQs

What question does the balance sheet answer? ›

The balance sheet can help users answer questions such as whether the company has a positive net worth, whether it has enough cash and short-term assets to cover its obligations, and whether the company is highly indebted relative to its peers.

“Insufficient funds” is a checking account status where the balance is deficient. It is a banking term that may appear as a notice in bank statements or receipts. The insufficient funds status describes the scenario where a checking account does not hold sufficient funds to cover transactions.

The correct formula for calculating the monthly ending balance is: Beginning Balance - Withdrawals + Deposits = Ending Balance. This formula takes into account withdrawals made from and deposits added to the account to calculate the final balance.

Final answer: The $1200 bounced check cost $1355 in total, which includes the cleared check, overdraft fees from the bank, and late payment fees from creditors.

A balance sheet is a financial statement that contains details of a company's assets or liabilities at a specific point in time. It is one of the three core financial statements (income statement and cash flow statement being the other two) used for evaluating the performance of a business.

The balance sheet is split into three sections: assets, liabilities, and owner's equity. A balance sheet must balance out where assets = liabilities + owner's equity. Assets and liabilities are split into long-term and short-term. Equity is the remainder value when liabilities are subtracted from assets.

adjective. lacking balance. irrational or unsound; erratic.

The balance on your credit card is the total amount of money you owe to your credit card issuer.

Remaining balance is the amount you still owe after a payment. Outstanding balance is the total amount you owe (which is sometimes the same as your remaining balance).

The ending balance is calculated by taking the beginning balance at the start of the period, adding any deposits or credits made to the account during the period, and then subtracting any withdrawals or debits.

What is the ending balance equal to? ›

To calculate the ending balance, one must consider the beginning balance at the period's start, add any deposits or credits made during the period, and then subtract withdrawals or debits.

Ending balance is the amount available at the end of the month.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.

When you borrowed $50 from your rich cousin and then had to pay her back $60, the additional $10 is considered interest. Interest is the extra money that is paid on top of the principal amount borrowed. In this case, the $50 is the principal, and the $10 is the interest.

The balance sheet (also referred to as the statement of financial position) discloses what an entity owns (assets) and what it owes (liabilities) at a specific point in time. Equity is the owners' residual interest in the assets of a company, net of its liabilities.

Expert-Verified Answer

The balance sheet refers to the financial statement which shows the assets, the liabilities, and the equity of the owner on a particular date. The three parts of a balance sheet heading are the name of business, the name of the financial statement and the date.

A balance sheet is a statement of a business's assets, liabilities, and owner's equity as of any given date. Typically, a balance sheet is prepared at the end of set periods (e.g., every quarter; annually). A balance sheet is comprised of two columns. The column on the left lists the assets of the company.

What is balance sheet answer in one sentence? A balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.