A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity is referred to as a(n)
A) profit and loss statement.
B) balance sheet.
C) expense report.
D) income statement.
E) budget report.
B) balance sheet.
The balance sheet shows the financial picture of a company at a given time. This statement itemizes three elements: assets, liabilities, and stockholders' equity. Assets are the values of the various items the corporation owns. Liabilities are the amounts the corporation owes to various creditors. Stockholders' equity is the amount accruing to the corporation's owners.
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