Question 8 Which of the Following Items will be Shown on the Balance Sheet? \( \square \) Name of the President of the Business \( \square \) Cash \( \square \) Expenses \( \square \) Dividends \( \square \) Total Current Assets \( \square \) Revene of the Business \( \square \) Ending Retained Earnings \( \square \) Journal Entry \( \square \) Total Assets \( \square \) Beginning Retained Earnings \( \square \) Net Income \( \square \)

The balance sheet is like a snapshot of a company’s financial well-being at a specific moment in time. It primarily includes assets, liabilities, and shareholders' equity. On this sheet, you’ll find items like Cash, Total Current Assets, Ending Retained Earnings, and Total Assets. It’s important to separate these from items like Net Income, Journal Entries, or Expenses, which you typically see on the income statement or in bookkeeping records. In understanding how the balance sheet reflects a company's financial health, consider how it works alongside the income statement. While the balance sheet shows what a company owns and owes, the income statement reveals how it performs over a period. The retained earnings component connects the two, as it reflects the cumulative net income that has been reinvested in the business rather than distributed as dividends. So when checking your balance sheet, remember it's all about that financial balance!