On a balance sheet,what a firm owes to creditors would be listed under:
A)expenses.
B)liabilities.
C)owners' equity.
D)contra-assets.

Question

Quizplus · Accepted Answer

Liabilities represent the amount of money owed to creditors and are listed on the balance sheet. Expenses are the costs incurred by the business in order to generate revenue. Owners' equity represents the amount of money invested by the owners into the business, and contra-assets are accounts that offset the value of other assets on the balance sheet.

On a Balance Sheet,what a Firm Owes to Creditors Would