The book value of long-term assets is reported on:
A)the worksheet.
B)the statement of owner's equity.
C)the income statement.
D)the balance sheet.

Question

Quizplus · Accepted Answer

The book value of long-term assets is reported on the balance sheet. The balance sheet provides a snapshot of a company's financial position at a specific point in time, and it lists a company's assets, liabilities, and equity. The book value of long-term assets represents the amount at which these assets are recorded on the company's books, after accumulated depreciation has been subtracted.

The Book Value of Long-Term Assets Is Reported On