Cash on hand Cash on bank Accounts 60,000 1,860,000 2,000,000 receivable Allowance for bad debts 300,000 Advances to 40,000 employees Advances to 30,000 suppliers Inventories Prepaid supplies Land Equipment Accumulated depreciation- equipment Accounts payable Salaries payable Unearned income Notes payable (due 2017) Interest payable (due 2016) Owner's capital Totals 1,200,000 800,000 2,200,000 3,400,000 2,000,000 720,000 70,000 500,000 3,000,000 340,000 4,660,000 11,590,000 11,590,000

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.