Balance Sheet Journal 
The balance sheet is a financial snap shot of a company at a particular point in time. The balance sheet lists the assets, liabilities, and equity of the company. Reflect on your personal financial situation, can you apply the concepts of the balance sheet? What did you learn from this reflection?

[Company Name] Balance Sheet 
Date: 
Assets 2012 2011 [42] 
Current Assets 
Cash 12,500 
Accounts receivable 
Inventory 
Prepaid expenses 
Short-term investments 
Total current assets 12,500 - 
Fixed (Long-Term) Assets 
Long-term investments 14,000 
Property, plant, and equipment 25,000 
(Less accumulated depreciation) (4,500) 
Intangible assets 
Total fixed assets 34,500 - 
Other Assets 
Deferred income tax 
Other 
Total Other Assets - - 
Total Assets 47,000 - 
[42] Liabilities and Owner's Equity 
Current Liabilities 
Accounts payable 17,000 
Short-term loans 4,000 
Income taxes payable 6,000 
Accrued salaries and wages 2,500 
Unearned revenue 5,000 
Current portion of long-term debt 1,000 
Total current liabilities 35,500 - 
Long-Term Liabilities 
Long-term debt 6,000 
Deferred income tax 1,000 
Other 
Total long-term liabilities 7,000 - 
Owner's Equity 
Owner's investment 1,000 
Retained earnings 3,500 
Other 
Total owner's equity 4,500 - 
Total Liabilities and Owner's Equity 47,000 - 
{42} 
Accounting Equation 

Accounting Equation is Assets = Liabilities + Owner's Equity 
Assets Liabilities Owner's Equity 
Assets Current + Long-Term Liabilities Owner's Equity 
47,000 42,500 4,500 
47,000 47,000 

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