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LSDefine

Simple English definitions for legal terms

statement of condition

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A quick definition of statement of condition:

A statement of condition, also known as a balance sheet, is a document that shows how much money a person or company has, how much they owe, and how much they own. It helps to give a clear picture of their financial situation at a specific point in time. This statement includes information about assets, liabilities, and owners' equity. It is different from an income statement, which shows how much money a person or company has earned and spent over a period of time.

A more thorough explanation:

A statement of condition is also known as a balance sheet. It is a financial statement that shows the current financial position of an entity. This statement discloses the value of the entity's assets, liabilities, and owners' equity.

For example, if a company has $100,000 in assets, $50,000 in liabilities, and $50,000 in owners' equity, the statement of condition would show these values. This statement is important because it helps investors and creditors understand the financial health of the entity.

The statement of condition is different from the income statement, which shows the entity's revenue and expenses over a period of time. The statement of condition is a snapshot of the entity's financial position at a specific point in time.

statement of claim | statement of confession

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J-Reuben-Clark-Law
12:24
Easy one: https://www.youtube.com/watch?v=h48WY_P89wk
dasfi0990ut1
12:41
Call Rueben OJ cause his ass got LOCKED UP
RoaldDahl
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ASU is the #2 ranked school in DC. People need to be talkingabout this
starfishies
12:50
i also recently saw someone mention this and was shocked
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@RoaldDahl: Alert the presses
IrishDinosaur
12:53
Penn A
dasfi0990ut1
12:53
@IrishDinosaur: OMG COngratzz
starfishies
12:53
congrats!
dasfi0990ut1
12:53
PENN! WWWW in the chat for you
Congrats!!
If anyone else is waiting on villanova scholarship info I just called and was told 1.5-2 weeks from the decision email
RoaldDahl
12:55
@IrishDinosaur: go get your man
dasfi0990ut1
12:58
@RoaldDahl: Her harem has assembled. Male servants everywhere, ready to carry her to PA.
IrishDinosaur
12:59
i think i'll book a flight, thanks XD
13:07
Yeah but they all survived so who even cares
dasfi0990ut1
13:08
Their carry ons and luggage did not.
IrishDinosaur
13:09
guess im driving cross country
dasfi0990ut1
13:09
So don't 'yeah but' me
dasfi0990ut1
13:09
Simp centipede assemble!
Garbage-Cycle
13:09
Train is always the best. Even if they derail in Ohio.
IrishDinosaur
13:09
where is shaq i need to tell him we might be classmates!!!!
IrishDinosaur
13:26
???
TriplePuppy
13:32
hey
TriplePuppy
13:34
drinking a toasted marshmallow blonde latte with cold foam
TriplePuppy
13:34
and im eating strawberries
TriplePuppy
13:35
i will be in NYC march 8th
IrishDinosaur
13:40
That sounds delicious
IrishDinosaur
13:41
strawberry and marshmallow, you don't hear that combo too often but i bet they taste great together
13:53
@IrishDinosaur: he is porking some fat chick who likes anime
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