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The Balance Sheet reports a company's total assets, liabilities, and equity at a given point in time.
It ensures that the accounting equation still holds true!
Assets = Liabilities + Equity
Scenario: Given the below Trial Balance, create the Balance Sheet.
TRIAL BALANCE
Assets = Liabilities + Equity
$2,750 = $1,500 + $1,250
$2,750 = $2,750
