The financial statement that reports assets, liabilities, and stockholders' equity as of the last day of the period is called the ________.
A) income statement
B) statement of retained earnings
C) balance sheet
D) unadjusted trial balance

Question

Quizplus · Accepted Answer

A balance sheet reports the financial position of a company as of a specific point in time, typically the end of the accounting period. It lists assets, liabilities, and stockholders' equity, providing a snapshot of what the company owns (assets) and owes (liabilities) at that moment in time, as well as the amount of funding provided by investors (stockholders' equity). The income statement, statement of retained earnings, and unadjusted trial balance are all different financial statements that report different aspects of a company's financial performance or position.

The Financial Statement That Reports Assets, Liabilities, and Stockholders' Equity