Balance sheet is a statement of all your assets, liabilities, and your capital.
List down all your assets, liabilities, and capital or equity.
Total Assets = Total Liabilities + Owner's Equity
Total Assets include: land, buildings, inventory, cash, account receivables, etc.
Total Liabilities include: accounts payable, notes payable, allowance for depreciation, etc.
Owner's equity: capital/stocks, withdrawal, additional capital, etc.
