[Answered] What equation is fundamental to a balance sheet? What will be an ideal ...

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gbarreiro

Hero Member
Posts: 566

on: Jul 21, 2018

What equation is fundamental to a balance sheet?

What will be an ideal response?

Question 2

How is net profit or loss calculated?

What will be an ideal response?

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Liamb2179

Sr. Member
Posts: 365

Reply #1 on: Jul 21, 2018

Answer to Question 1

The equation for the balance sheet is: assets = net worth liabilities.

Answer to Question 2

Net profit or loss is calculated as gross profit minus total expenses.

gbarreiro

Member
Posts: 566

Reply 2 on: Jul 21, 2018

Excellent

Liamb2179

Member
Posts: 365

Reply 3 on: Yesterday

Thanks for the timely response, appreciate it

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