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...Sheet summary please see tab titled quot balance to review the template presents an organization s financial position at end of a specified date some describe as snapshot specific point in time for example amounts reported on dated december should reflect that instant when all transactions nbsp through have been recorded people often refer statement there are three main components assets liabilities and net what your has is owed you invested deposited with others may include cash bank accounts paypal investment petty things bought future use such merchandise inventory or supplies fixed furniture equipment improvements facility listed cost nonliquid already spent acquire them accumulated depreciation contra asset against indicating extent decreased value it used up depreciated over its useful life payments made goods services not yet received annual insurance premiums could be refunded if cancelled expenses relating fiscal years paid advance prepaid longterm investments unrestricted tem...