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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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So instead of carrying a letter of credit on a balance sheet, a creditor will securitize it and sell it on the open market.
The deal helped Sotheby's repair its balance sheet, which had been dented badly by the fines and settlements after its price-fixing case.
They have their own payroll, their own receivables, their own general ledger, and their own balance sheet.
If the balance sheet comes out ahead enough to indicate a decent profit, the comic or in broader terms the company is healthy.
Its own balance sheet has a substantial number of companies which are described as being held for resale.
Its balance sheet is burdened by long-term debt and preferred stock that must be redeemed.

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