At regular intervals, a balance sheet is prepared to show the assets, liabilities, and owners' equity of the small business.

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A balance sheet is a financial statement that shows the assets (what the business owns), liabilities (what the business owes), and owners' equity (the difference between assets and liabilities) of a small business. It is typically prepared at regular intervals, such as at the end of a fiscal quarter or year.

At Regular Intervals, a Balance Sheet Is Prepared to Show