Final answer:
Cash is reported in the balance sheet section of a year-end financial statement, which provides a snapshot of a company's financial condition at a specific point in time. It represents the amount of money the company has on hand in bank accounts and petty cash, and is listed under the assets section.
Step-by-step explanation:
Cash is reported in a year-end financial statement under the balance sheet section. The balance sheet provides a snapshot of a company's financial condition at a specific point in time, usually the end of the fiscal year. It shows the assets, liabilities, and owner's equity of the business.
Under assets, cash is typically listed first, either as 'cash and cash equivalents' or simply 'cash'. It represents the amount of money the company has on hand, including in bank accounts and petty cash.
Here is an example of how cash would be reported on a balance sheet:
- Assets:
- Cash: $50,000
- Accounts receivable: $20,000
- Inventory: $30,000