Jennifer and Jamie are starting a business and have asked you for advice about whether they should form a partnership, a corpora
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The amount of cash that should be reported in the company's balance sheet as of May 31 is $2,975.
<h3>What is a balance sheet?</h3>
- A balance sheet also referred to as a statement of financial position or a statement of financial condition in financial accounting, is a summary of the financial standing of a person or an organization, including a corporation, private limited company, sole proprietorship, business partnership, government agency, or not-for-profit organization.
- As of a particular date, such as the conclusion of its financial year, assets, liabilities, and ownership equity are listed. It's common to refer to a balance sheet as a "picture of a company's financial status."
- The balance sheet is the only one of the four fundamental financial statements that only apply at one particular period in a company's fiscal year.
Deposits outstanding = $3,050 (+)
actual amount on check my Money corporation = $95 (+)
Service fees = $170 (-)
∴
So, the amount of cash that should be reported in the company's balance sheet as of May 31 is $2,975.
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