There are three types of financial statements for businesses: income statement, balance sheet and cash flow statement. Each of these financial statements shows a different aspect of the business.

A balance sheet for a sole proprietorship is similar to a balance sheet for any other kind of business in that it shows how much the business entity owns and owes. Sole proprietorships are closely ...

If you’ve ever looked at a balance sheet and immediately wanted to slam your laptop shut, you’re not alone. Most business owners don’t come from accounting backgrounds, and the sheer volume of numbers ...

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University. The balance sheet equation is Assets = Liabilities + ...