Sign In  |  Join
Pin Me

Sample Classified Balance Sheet Template

written by: ciel s cantoria•edited by: Michele McDonough•updated: 7/7/2010

A sample classified balance sheet template illustrates how the subcategories for classified balance sheet components are applied and presented as financial data. The use of this template can serve as your guide on how to present the balance sheet as a quick financial reference.

  • slide 1 of 3

    Preparing a Sample Classified Balance Sheet for a Single Proprietorship Engaged in Retail

    Picking-up from where we left off in the article Examples of Post Adjusted and Post Closing Trial Balances, the post closing trial balance will be used to prepare a classified balance sheet for a single proprietorship engaged in retail. Once completed, it will serve as the basis for our template for classified balance sheet.

    For this purpose, please refer to Bright Hub’s Media Gallery - Example of Year End Worksheet for Post Closing Trial Balance. The following Post Closing Trial Balance accounts and amounts were extracted from it and will be presented as a sample classified balance sheet for a retail business owned and managed by a single proprietor.

    • Cash: $15,000
    • Accounts Receivable: $4,500
    • Merchandising Inventory on Hand: $7,350
    • Furniture and Office Equipment: $22,000
    • Accumulated Depreciation – Furniture and Office Equipment: ($4,400)
    • Prepaid Insurance: $440
    • Accounts Payable - Trade: $3,400
    • Capital, Beginning: $41,490
    • Revenue from Sales: $37,500
    • Cost of Good Sold: $18,150
    • Salaries Expenses: $14,400
    • Store Supplies Expenses: $375
    • Repairs and Maintenance Expenses: $280
    • Insurance Expense: $2,200
    • Utilities Expense: $750
    • Telephone and Communication Expenses: $260
    • Depreciation Expenses: $4,400
    • Delivery/Shipping Expenses: $938

    We will use the definitions of each subcategory enumerated in the article Defining Subcategories for Classified Balance Sheet, as our guide in determining the subcategory to use for each general ledger account.

  • slide 2 of 3

    Sample Classified Balance Sheet Template: Single Proprietorship - Retail

    Sample Classified Balance Sheet- Single Pro Retail 

    To illustrate how the accounting cycle is partly completed, the extracted general ledger accounts and their respective balances were prepared as a balance sheet financial report for the year end. Kindly click on the image to have a larger view of said report.

    You will note that the Cash, Accounts Receivable, Merchandise Inventory and Prepaid Insurance accounts have been sub-categorized as Current Accounts. The Furniture and Office Equipment accounts which carry historical costs are classified as Fixed Asset, to readily distinguish it as a non-current account. Although the business can be considered as liquid and that receivables as well as liabilities were maintained at a minimum, the reader of the balance sheet report will need to look into the operation of the business by securing a copy of the income statement.

    The Owner's Equity shows that the current year's operation was not favorable since a Net Loss reduced the owner's capital investments. The owner of the business did not make any withdrawals using the business funds either since the Drawings against the Capital account does not reflect any amount. This means he did not receive any form of compensation at all for whatever efforts he exerted in running the business.

    General Ledger- Profit & Loss 

    Note: The Net Loss amount of $ 4,253 is the net effect of the post-closing entries entered in the Profit and Loss Summary; please click on the image on the left for a larger view of the screen-shot of a simulated general ledger page of the Profit and Loss Account. In addition, you can refer to the post closing entry- Item (d) of “Bright Hub’s Media Gallery for Example of Year End Worksheet for Post Closing Trial Balance", and you will note that it was posted against the Capital, Beginning account.

    The Sample Classified Balance Sheet Template: Single Proprietorship - Retail at Bright Hub’s Media Gallery was patterned after the sample classified balance sheet presented as image on the upper left. From there, you can download a copy of the template.

  • slide 3 of 3

    Sample Classified Balance Sheet Template–Manufacturing Corporation

    A classified balance sheet for a manufacturing corporation can be different as it may carry other general ledger accounts not inherent in a single proprietorship. Examples of these are Long Term Investments, Property Plant and Equipment and Long Term Liabilities while the Equity component will be captioned as Stockholder’s Equity and will be broken down into Paid-in Capital, Retained Earnings and Treasury Stock. For this purpose, a Sample Classified Balance Sheet Template–Manufacturing Corporation can also be downloaded at Bright Hub’s Media Gallery.

    Again, the reader may refer to the article “Defining Subcategories for Classified Balance Sheet" for guidelines when using the Sample Classified Balance Sheet Template for a Manufacturing Corporation.

privacy policy