The Major Financial Statements The balance sheet Table Provide a snapshot of the financial condition of the firm at a particular time. Some terms. Asset, liability, net worth or stockholder's equity Current asset, long-term asset Current liability, long-term debt Par value of stock, capital surplus(additional paid-in capital), retained earningsThe Major Financial Statements ❖ The balance sheet – Table – Provide a snapshot of the financial condition of the firm at a particular time. – Some terms: • Asset, liability, net worth or stockholder’s equity • Current asset, long-term asset • Current liability, long-term debt • Par value of stock, capital surplus(additional paid-in capital), retained earnings