A balance sheet is an accounting tool used to summarize the financial status of a business or other entity. It generally lists assets on one side and liabilities on the other, and both sides are always in balance. Assets and liabilities are divided into short- and long-term obligations including cash accounts such as checking, money market, or government securities. At any given time, assets must equal liabilities plus owners equity. An asset is anything the business owns that has monetary value. Liabilities are the claims of creditors against the assets of the business. A balance sheet is usually prepared each month, quarter of a year, annually, or upon sale of the business, in order to show the overall condition of the company.
A balance sheet is a financial "snapshot" of your business at a given date in time. It includes your assets and liabilities and tells you your business's net worth. If you would like to try preparing a balance sheet for your business, you may want to try this balance sheet template as a starting point.
Fulton Georgia Quarterly Balance Sheet is a financial statement that presents the financial position of Fulton, Georgia, for a specific period, typically on a quarterly basis. It provides a snapshot of the city's assets, liabilities, and shareholders' equity at a particular point in time. The Fulton Georgia Quarterly Balance Sheet includes various key components, such as: 1. Assets: This section outlines the city's resources or properties, both tangible and intangible, that hold economic value. It may include items such as cash and cash equivalents, investments, properties, infrastructure, and equipment. These assets are categorized into current assets (those that can be easily converted into cash within a year) and non-current assets (long-term investments or fixed assets). 2. Liabilities: This segment represents the city's obligations or debts that it owes to external parties or entities. It encompasses short-term liabilities (such as accounts payable, accrued expenses) and long-term liabilities (such as bonds or loans). Liabilities can also include pensions, benefits, and other future obligations. 3. Shareholders' Equity: Also referred to as net assets or net worth, this part reflects the residual interest in the organization's assets after deducting liabilities. It represents the cumulative earnings, retained earnings, and additional investments made by the city. Additionally, the Fulton Georgia Quarterly Balance Sheet may include a few supplementary key details: 1. Comparative Data: This section provides a comparison of the current quarter's balance sheet with the previous quarter or a similar period, usually represented as a side-by-side table or in the form of graphs. It helps assess the changes in assets, liabilities, and shareholders' equity over time. 2. Notes to the Financial Statements: These footnotes offer explanations, clarifications, and additional details relating to specific items on the balance sheet. They provide context, disclosure of accounting policies, and any contingent liabilities or potential risks that may impact the city's financial position. Different types of Fulton Georgia Quarterly Balance Sheets may include an unaudited balance sheet and an audited balance sheet. The unaudited balance sheet is prepared internally without external verification, while the audited balance sheet is reviewed and validated by an independent auditor. The audited version ensures greater accuracy and reliability, instilling confidence among stakeholders. Keywords: Fulton, Georgia, balance sheet, quarterly, financial statement, assets, liabilities, shareholders' equity, current assets, non-current assets, short-term liabilities, long-term liabilities, net assets, net worth, comparative data, notes to financial statements, unaudited, audited.
