I need to create a balance sheet for our IRS nonprofit application. On the asset side, we have cash (in our bank account) and our inventory of spirit wear (t-shirts, hats, etc.). We don't own any other assets. What is the matching entry on the liabilities side? We don't have any debts or outstanding bills. I know a public company would have "shareholders equity," but what does a PTO have?
If anyone has a sample balance sheet they can share with me, that would be great! I want to be sure I do it right so this application with go through!
