A balance sheet is a type of financial statement. It gives you an overview of a company’s financial status at a specific point in time, including what the company owns, what it owes and how much ...

A balance sheet shows a company's assets, liabilities, and shareholder equity at that point in time. Learn how they work, how to read one, and why they're important.

Other assets that appear in the balance sheet are called long-term or fixed assets because they’re durable and will last more than one year. Examples of long-term assets include the following.

The balance sheet reports the assets, liabilities, and shareholders' equity at a point in time. The profit and loss statement reports how a company made or lost money over a period.

Fixed assets are assets that have a useful life of more than one year. Fixed assets include property, plant, and equipment and are recorded on the balance sheet.

For example, if you have a note or loan that obligates you for more than 12 months of payments, the principal due for 12 months is recorded as a current liability and the balance is a long-term ...

For example, a company's financial statements for the month of September will contain a balance sheet as of September 30th and an income statement for the entire month of September.

This means they have a useful life of more than one year. Fixed assets include property, plant, and equipment (PPE) and may be recorded on the company's balance sheet under that classification.