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  3. 1. provide the accounting equation. assets, liabil

1. Provide the accounting equation. assets, liabilities, and equity 2.Defineeach of the...

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Accounting

1. Provide the accounting equation. assets, liabilities, and equity
2.Defineeach of the three individual components of the accounting equation. (Do not just list, but tell me what they represent.)
3.Prepare a simplified balance sheet (with numbers)for a hypothetical small business illustrating this accounting principle. (This does not need to be detailed, but you should include the main categories found on a typical balance sheet and a few line items within each category. The numbers need to be subtotaled for each category and totaled for each side of the balance sheet and most importantly need to make sense from the standpoint of the accounting equation.)Please be sure to layout and format your balance sheet by making sure your columns line up.
Words of balance sheet need to be added and as of 2023:
Assets: Current Assets +Fixed Assets +Other Assets =Total Assets.
Liabilities: Current Liabilities +Long Term Liabilities =Total Liabilities +Owners Equity =Total Liabilities and Owners Equity.

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