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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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For the other sectors, balance sheet data are limited to financial assets and liabilities.
The deal helped Sotheby's repair its balance sheet, which had been dented badly by the fines and settlements after its price-fixing case.
They have their own payroll, their own receivables, their own general ledger, and their own balance sheet.
Far from being an economist, and no great mathematician, I do know the basics of accountancy and can read a balance sheet.
In order for the balance sheet to balance, total assets on one side have to equal total liabilities plus owners' equity on the other.
If the balance sheet comes out ahead enough to indicate a decent profit, the comic or in broader terms the company is healthy.

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