Valentine Investigations has the following information for its cash account: Balance, 1/31 Deposits during February Checks written during February $ 1,444 106,780 102,341 Valentine's bank statement for February contained the following information: Balance per bank, 1/31 Add: February deposits $ 8,910 104,950 $ 113,860 Less: Checks paid in February Bank service charge Debit memo (electric bill) Balance per bank, 2/28 $(101,400) (50) (800) (102,250) $ 11,610 A comparison of company records with the bank statement provided the following data: At 1/31 At 2/28 Deposits in transit Outstanding checks $2,750 4,216 $4,580 5,157

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.