Balance Sheet Guide
A plain-English guide to the balance sheet for wireless dealers. Learn what assets, liabilities, and owner's equity mean and why the sheet must balance.
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What this Balance Sheet Guide helps you do
The balance sheet is a snapshot of what your store owns, what it owes, and what is left over for you, the owner, at a single point in time. This guide explains it in plain English for wireless dealers: what assets, liabilities, and owner's equity each mean, why the sheet must always balance, and how lenders and partners use it to judge the health of your business. A clear picture of where your store really stands.
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Balance Sheet Guide FAQ's
What is a balance sheet?
A balance sheet is a financial snapshot showing what your business owns (assets), what it owes (liabilities), and the owner's equity left over, all at a single point in time.
Because of the basic equation: Assets = Liabilities + Owner's Equity. Everything the business owns was funded either by debt or by the owner's stake, so the two sides always equal each other.
Why does a balance sheet have to balance?
What is owner's equity?
Owner's equity is what would be left for you if the business sold all its assets and paid off all its debts. It is the owner's actual stake in the business.
Why do lenders want to see a balance sheet?
A balance sheet shows a lender how much the business owns versus owes. It helps them judge whether the business is financially stable enough to repay a loan.