Total Liabilities are included in the statement of Owner's Equity.

Name: Total Liabilities are included in the statement of Owner's Equity.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Total Liabilities are not included in the statement of Owner's Equity; they are reported on the balance sheet. The statement of Owner's Equity focuses on changes in the owner's equity during a specific period, including contributions, withdrawals, and the net income or loss.

Total Liabilities Are Included in the Statement of Owner's Equity