Which of the following statements regarding the balance sheet is INCORRECT?
A)The balance sheet provides a snapshot of the firm's financial position at a given point in time.
B)The balance sheet lists the firm's assets and liabilities.
C)The balance sheet reports shareholders' equity in the bottom part. .
D)The balance sheet reports liabilities in the top part. .
Dustin's Donuts experienced a decrease in the value of the trademark of a company it acquired two years ago. This reduction in value results in:
A)an impairment charge.
C)an operating expense.