QuestionAugust 5, 2025

Which financial statement shows long-term debt of the business? a. Statement of Owner's Equity b. Income Statement c. Balance Sheet d. Cash Flow Statement

Which financial statement shows long-term debt of the business? a. Statement of Owner's Equity b. Income Statement c. Balance Sheet d. Cash Flow Statement
Which financial statement shows long-term debt of the business?
a. Statement of Owner's Equity
b. Income Statement
c. Balance Sheet
d. Cash Flow Statement

Solution
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Answer

c. Balance Sheet Explanation 1. Identify the financial statement The Balance Sheet shows a company's financial position, including assets, liabilities, and equity. Long-term debt is a liability.

Explanation

1. Identify the financial statement<br /> The Balance Sheet shows a company's financial position, including assets, liabilities, and equity. Long-term debt is a liability.
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