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Northern Illinois | Might be time for a new accountant. A balance sheet is to reflect the balance between your busuness assets and liabilities on a given day. If she does not account for a potentially large asset or liability then your balance sheet does not give a true reflection of the value of your business. What if you have a 1,000,000 bu of corn in storage. Is disregarding $6,000,000 of current assets a true reflection on the value of your business on a specific day? | |
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Balance sheet & Inventory on hand
