Question

Balance Sheet: Heading and Assets
A balance sheet is a financial statement that shows assets, liabilities, and owner's equity on a specific date and explains the financial condition of a business or its financial strength.

The balance sheet has four sections:

the heading
the assets section
liabilities
owner's equity
The Heading
The heading of a balance sheet has three parts:

The name of the business (Who?)
The name of the financial statement (What?)
The date of the balance sheet (When?)
Example Heading:

Forks Gym (Who?)
Balance Sheet (What?)
For the Month Ended January 31, xxxx (When?)
The Assets Section
Once the heading is finished, the assets section of the balance sheet is entered. Assets are things of value that are owned by a business. For example, a workout gym might have asset accounts such as Cash, Equipment, and Supplies. Another example of an asset is accounts receivable, the amount of money owed to a business. If a customer requests a personal trainer and charges it to her account, this would be listed as accounts receivable on the balance sheet.

Example Assets Section:

Assets


Cash
Accounts Receivable - Mel Jones
Gym Equipment
Supplies
Total Assets

10,000.00
100.00
75,000.00
5,000.00






90,100.00
What are the total assets for January?

Responses

$11,100
$11,100

$79,000
$79,000

$90,100
$90,100

none of the above
none of the above

Answer 1

$90,100

Calculation: 10,000 + 100 + 75,000 + 5,000 = 90,100.