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Kophy, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 61
Experience:  CPA with Big 4 public accounting experience and now working as an Internal Audit Director.
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How to I prepare an unclassified balance sheet

Customer Question

How to I prepare an unclassified balance sheet?
Submitted: 7 years ago.
Category: Finance
Expert:  Kophy replied 7 years ago.
Thanks for sending in your question to Just Answer.

An "unclassified balance sheet" balance Sheet is where you group your assets, liabilities and Equity in to very broad groups.

All you do is just put all assets accounts into the Assets grouping, all liabilities accounts into the Liabilities grouping, and all equity accounts in Owners' Equity.

A "classified balance sheet" breaks the assets and liabilities into smaller group such as current and non-current. Equity is sub-grouped in capital, additional paid in capital, retained earnings and so on.

In summary just group your accounts in the 3 accounting categories under the accounting equation: ASSETS = LIABILITIES and OWNERS' EQUITY

If this has helped you, please click ACCEPT.

Customer: replied 7 years ago.
could not use this answer. it came to late