BALANCE SHEETS

The company has a lot of ____________ including a new  warehouse.

 

• inventory

• fixed assets     

• sum

Companies with too much __________ can’t get loans.

         

• inventory   

• fixed assets  

• debt

Assets include cash, inventory, accounts receivable, and ____________.

           

• equity 

• fixed assest     

• debts

Liabilities are what a company _____________.

     

• owes  

• worth       

• sale

The sum os the asset shoule be ________ to the sum of the liabilities plus the owner’s equity.

           

• more than 

• equal  

• less than

_________ is something a company owns.

       

• Balance sheet

• Liabilities

• Asset    

A document showing assets, liabilities, and equity is called __________.

         

• owner’s equity    

• account receivable

• balance sheet   

The company records most purchases in ___________.

    

• account payable  

• sum   

• debt

Money that is paid to a government is called ____________.

• income

• taxes  

• gross margin

A(n) _____________ is a document showing how much money was made.

            A.                  B.          C.

• P & L   

• income statement  

• income