Which financial statement would you refer to in order to determine whether a company owed funds to creditors?
A)Statement of cash flows
B)Statement of retained earnings
C)Income statement
D)Balance sheet

Question

Quizplus · Accepted Answer

The balance sheet is the financial statement that provides information on a company's assets, liabilities, and equity, making it the best choice to determine whether a company owes funds to creditors. Liabilities represent debts owed by the company to third parties, including creditors.

Which Financial Statement Would You Refer to in Order to Determine