These financial statement items are for Ivanhoe Company at year-end, July 31, 2022. Salaries and wages payable $ 3,900 Salaries and wages expense 59,300 Supplies expense 16,900 Equipment 16,580 Accounts payable 3,500 Service revenue 67,900 Rent revenue 9,800 Notes payable (due in 2025) 3,000 Common stock 16,000 Cash 35,620 Accounts receivable 11,000 Accumulated depreciation-equipment 7,900 Dividends 4,000 Depreciation expense 4,000 Retained earnings (beginning of the year) 35,400

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.