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Long Print Shop
Balance sheet for the year ended December 31, 2020
Amount in $ Amount in $
Assets
Non-current asset
Equipment 21,700
Current assets
Merchandise inventory 15,700
Cash 41,700
Total current assets 57,400
Total assets 79,100
Liabilities
Accounts payable 29,700
Total liabilities 29,700
Equity
Capital 49,400
Total equity 49,400
Total liabilities and equity 79,100
This balance sheet shows the relation between the two quantities in a business which are assets and liabilities. It can be represented by an equation which is:
Assets = Equity + Liability
Assets include fixed assets, cash, inventories, and account receivables, etc, liabilities include accounts payable, loans payable, accrued expenses, etc.
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