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    Balance Sheet

    The Fundamental Classified Balance Sheet. What to know to make it easy.

    1

    The Balance sheet is balanced because Assets = Liabilities

    2

    Which item is not an Asset?

    3

    What item is a Liability?

    4

    Liabilities + Equity = Assets

    5

    Cash = 50, Other Assets = 50, Liability = 90. What is the Equity?

    6

    When an owner takes money out of the company, what happens?

    7

    Insurance is an asset when -

    8

    You owe $50 and you have $50 coming next month. What is the Current Asset?

    9

    Sales are good. What would be the affect on the Balance Sheet?

    10

    Assets = Liabilities + Equity. Therefore what would be correct is Equity was $100?