Balance Sheet

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A balance sheet (also known as a Statement of Financial Position) is a summary of the accounts of an organization, a list of the Assets, Liabilities, and Owner's Equity (Fund Accounts). The accounting formula is that the total of all the Assets must equal the total of all the Liabilities and Owner's Equity.

Assets = Liabilities + Owner's Equity

Assets

Checking Account   10,000.00

Savings Account   20,000.00

30,000.00

Owner's Equity

Tithe Fund       3,500.00

Expense Fund       6,800.00

Missions Fund       1,000.00

Sunday School       5,250.00

Building Fund      13,450.00

30,000.00