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What is a balance sheet?

What is a balance sheet? Here are some definitions.

Noun
  1. (accounting): A summary of a person's or organization's assets, liabilities and equity as of a specific date.
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Examples
The deal helped Sotheby's repair its balance sheet, which had been dented badly by the fines and settlements after its price-fixing case.
For the other sectors, balance sheet data are limited to financial assets and liabilities.
Far from being an economist, and no great mathematician, I do know the basics of accountancy and can read a balance sheet.
Invest wisely in IT and you'll keep your eternal balance sheet in the black.
So instead of carrying a letter of credit on a balance sheet, a creditor will securitize it and sell it on the open market.
Its balance sheet is burdened by long-term debt and preferred stock that must be redeemed.

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