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The balance sheet is basically a report version of the accounting equation also called the balance sheet equation where assets always equation liabilities plus shareholder’s equity. In this way, the balance sheet shows how the resources controlled by the business (assets) are financed by debt (liabilities) or shareholder investments (equity). Creating a balance sheet might seem difficult, but it is essential for your business. Liabilities and Owners’ Equity This includes all debts and obligations owed by the business to outside creditors, vendors, or banks that are payable within one year, plus the owners’ equity. Accounting Basics Assignment Help, Common adjustments in balance sheet, COMMON ADJUSTMENTS AFFECTING THE PREPARATION OF BALANCE SHEET ARE: 1. Closing stock : Closing stock come into view on the credit side of trading account and assets side of balance sheet if it is agreed in the adjustments. May 11, 2013 · Accounting final only need these questions right to pass!!? Question 68 The discount on bonds payable or premium on bonds payable is shown on the balance sheet as an adjustment to bonds payable to arrive at the carrying value of the bonds. Teal reported total assets of $190,000 (including its investment in the VIE), Liabilities of $80,000, common stock of $15,000, and retained earnings of $95,000 in its balance sheet. Required: Prepare a condensed balance sheet in good form for Teal, taking into consideration that it is the primary beneficiary of the variable interest entity.