Q:

What are some sample LLC balance sheets?

A:

Quick Answer

Sample LLC balance sheets containing monetary examples are available on the Accounting Coach and Vertex 42 websites. Vertex 42 and the Biz Filings website provide downloadable templates to create custom LLC balance sheets.

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Full Answer

LLC balance sheets contain three parts. They start with assets, which are defined as the monetary value of what a company owns, including but not limited to cash, inventory, and paid insurance and rent. Assets can be current or fixed. Current assets are depleted over the year; these include cash, inventory, insurance and rent. Fixed assets such as property, company equipment and land last more than one year.

Liabilities are the things that a company must repay. They are often labeled as accounts payable, bonds payable, interest payable or wages payable. Liabilities also exist when companies are paid for services they have yet to deliver. This is considered unearned revenue. Set up much like assets, liabilities can be current or fixed, wherein current must be paid out before year's end and fixed liabilities do not.

The final part of an LLC balance sheet is the owners' or stockholders' equity. This accounts for the assets owned by the company owners or stockholders. The balance sheet labels items that fit in this category as preferred stock, common stock, retained earnings or paid-in capital in excess of par.

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