Balance sheet: where the money came from

Reconcile the three statements first, then ratios. One number in isolation says nothing.

Task: A balance sheet with no obvious focus.

[Before you start, do three things]
1. Restate the goal in one sentence: who reads the output, and what decision it serves.
2. If I have not given you the following, ask me. Do not assume:
   - asset and liability structure
   - year-on-year change
   - industry norms
   - my concern
3. Say how you plan to do it (at most 5 steps) and wait for my go-ahead.

[Go through each of these]
- working capital: receivables, inventory, payables
- fastest-growing asset and its funding source
- short-term solvency pressure
- items with valuation discretion

[Process]
1. Confirm basis and period; do the statements reconcile
2. Find the three biggest movements and their causes
3. Compute key ratios against history and peers
4. Separate accounting effects from operating ones
5. Give one actionable recommendation

[Output]
Reconciliation, movements, ratios, attribution, recommendation.

[Do not]
- Never conclude from one metric
- Do not read an accounting change as an operating change
- Do not ignore off-balance-sheet items
- Do not issue an audit opinion