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How do I show a car loan in my business balance sheet?
I'm completing my financial statements for my company for the first time. Where do I put my business car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Financial statements may seem intimidating at first, but they’re nothing to sweat—just take your time.
Car loans
will be listed in the liabilities section of your statement since they represent money you owe.On the other hand, the actual cash value (ACV) of your vehicle(s) will be listed in the assets section, since it represents money you have.
By subtracting your car loan balance from the car’s actual cash value, you can determine whether you have positive equity or negative equity (also known as being
upside down
) on your loan.Additionally, car insurance will not show up on your statement. Instead, insurance will show up on your income sheet as an expense. If you’re in the market for a more affordable insurance policy for your financed car, use
Jerry
to compare quotes and find a cheaper rate.View full answer
- Gregory R.
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