What is BALANCE-SHEET?

When it is desired to ascertain the exact state of a merchant’s business, or other commercial enterprise, at a given time, all the ledger accounts are closed up to date and balances struck; and these balances, when exhibited together on a single page, and so grouped and arranged as to close into each pther and be summed up in one general result, constitute the “balance-sheet.” Eyre v. Harmon, 92 Cal. 580, 28 Pac. 779.

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