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What is a balance sheet?

What is a balance sheet? Here are some definitions.

Noun
  1. (accounting): A summary of a person's or organization's assets, liabilities and equity as of a specific date.
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Examples
The deal helped Sotheby's repair its balance sheet, which had been dented badly by the fines and settlements after its price-fixing case.
Our reputation has suffered mainly through management incompetence and our competitors have put the boot in but the balance sheet is restorable.
Its own balance sheet has a substantial number of companies which are described as being held for resale.
He was unique in including the last account, for at that time, work in progress often was not listed on the balance sheet.
If the balance sheet comes out ahead enough to indicate a decent profit, the comic or in broader terms the company is healthy.
They have their own payroll, their own receivables, their own general ledger, and their own balance sheet.

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