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A Balance Sheet is a snapshot of the financial position of a company at a specified time, usually calculated after every month/fiscal period, quarter, or year. The Balance Sheet has two main sections: 1) Assets and 2) Liabilities & Equity. For the balance sheet to be accurate, (Assets = (Liabilities + Equity))When this formula is true, the Balance Sheet is in balance: [Assets] = [Liabilities] + [Equity]. |
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