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+FOR THE FISCAL YEAR ENDING APRIL 30, 2020, RECEIPTS GENERAL FUND; TAXES CORPORATE/PROP 224,663; VEHICLE FEE REV 2,379; TAXES UTILITY WATER 21,983; TAXESUTILITY MERE 116,358; FRANCHISE FEES COMCAST
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01
List all assets such as cash, accounts receivable, inventory, and property on the left side of the balance sheet.
02
Calculate the total sum of assets.
03
List all liabilities such as accounts payable, loans, and accrued expenses on the right side of the balance sheet.
04
Calculate the total sum of liabilities.
05
Subtract the total liabilities from the total assets to determine the owner's equity, which is the net worth of the business.

Who needs prepare a balance sheet?

01
Business owners and managers need to prepare a balance sheet to track the financial health of the company.
02
Investors and lenders use balance sheets to assess the financial stability and risk of a business before making investment decisions.
03
Government agencies may require businesses to submit balance sheets for tax or regulatory purposes.

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A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time.
All businesses, regardless of size, are required to prepare a balance sheet as part of their financial reporting.
To fill out a balance sheet, you need to list out all of your assets, liabilities, and equity, and calculate the totals for each section.
The purpose of a balance sheet is to show the financial health and strength of a company by providing a summary of its assets, liabilities, and equity.
A balance sheet must report a company's assets (such as cash, inventory, and property), liabilities (such as debts and payables), and equity (such as retained earnings and owner's equity).
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