Definition of "Balance sheet"
Kathy Levy , Real Estate Agent
KELLER WILLIAMS REALTY
Statement of financial condition for a real estate business at the end of a reporting period listing all of its assets, liabilities, and stockholders equity. Assets are what the company owns while liabilities are what is owed. Assets less liabilities equals net worth. The accounting equation for a company is: Assets = Liabilities + Stockholders Equity. The balance sheet is categorized into major groupings of assets, liabilities, and stockholders equity.
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