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In the summer of 2009, the United States federal minimum wage was raised to $7.25. According to theory, what will likely be the result of an increase in minimum wage?
Financial Statements
Reports that summarize the financial performance and health of a business including balance sheet, income statement, and cash flow statement.
Balance Sheet
A summary record that outlines a firm's assets, liabilities, and equity held by shareholders at a specific timeframe, showing its financial status.
Statement of Owner's Equity
A financial statement that outlines the changes in the equity of a company over a specific period, including contributions, withdrawals, and the net income or loss.
Worksheet
An accounting tool used for planning and preparing financial statements, allowing accountants to adjust and update figures through a series of adjustments.
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