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Virginia Balance Sheet Deposits
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Multi-State
Control #:
US-122-AZ
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FAQ
The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity. As such, the balance sheet is divided into two sides (or sections).
Assets are listed as accounts or items that are ordered by liquidity. Liquidity is the ease with which a firm can convert an asset into cash. The most liquid asset is cash (the first item on the balance sheet), followed by short-term deposits and accounts receivable.
Here are the basic steps to building a balance sheet:List all assets and their current, fair market value.List all debts and liabilities.Calculate total assets and total liabilities.Subtract the value of liabilities from the value of assets.The result is the equity/net worth of a business or person.
Step 1: Analyze and record transactions.Step 2: Post transactions to the ledger.Step 3: Prepare an unadjusted trial balance.Step 4: Prepare adjusting entries at the end of the period.Step 5: Prepare an adjusted trial balance.Step 6: Prepare financial statements.
As an overview of the company's financial position, the balance sheet consists of three major sections: (1) the assets, which are probable future economic benefits owned or controlled by the entity; (2) the liabilities, which are probable future sacrifices of economic benefits; and (3) the owners' equity, calculated as
Cash and cash equivalents under the current assets section of a balance sheet represent the amount of money the company has in the bank, whether in the form of cash, savings bonds, certificates of deposit, or money invested in money market funds. It tells you how much money is available to the business immediately.
Assets = Liabilities + Owner's Equity. This is the basic equation that determines whether your balance sheet is actually balanced after you record all of your assets, liabilities and equity. If the sum of the figures on both sides of the equal sign are the same, your sheet is balanced.
How to make a balance sheetStep 1: Pick the balance sheet date.Step 2: List all of your assets.Step 3: Add up all of your assets.Step 4: Determine current liabilities.Step 5: Calculate long-term liabilities.Step 6: Add up liabilities.Step 7: Calculate owner's equity.Step 8: Add up liabilities and owners' equity.
A customer deposit is usually classified as a current liability, since the company typically provides services or goods within one year of the deposit being made. If the deposit is for a longer-term project that will not be resolved within one year, it could instead be classified as a long-term liability.
The deposit itself is a liability owed by the bank to the depositor. Bank deposits refer to this liability rather than to the actual funds that have been deposited. When someone opens a bank account and makes a cash deposit, he surrenders the legal title to the cash, and it becomes an asset of the bank.
