Morris lest, inc. sold its delivery truck for $4,000 cash. the truck's book value was $3,000.
A balance sheet in financial accounting is a summary of the financial balances of an individual or organization, whether they are a sole proprietorship, a business partnership, a corporation, a private limited company, or another type of organization like the government or a not-for-profit entity. It is also referred to as a statement of financial position or a statement of financial condition.
As of a particular date, such as the conclusion of its financial year, assets, liabilities, and ownership equity are listed. It's common to refer to a balance sheet as a "picture of a company's financial status." The balance sheet is the only one of the four fundamental financial statements that only applies at one particular period in a company's fiscal year.
Assets are listed on the left side of a basic balance sheet for a business.
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