The book value of long-term assets is reported on
A) the income statement.
B) the statement of owner's equity.
C) the balance sheet.
D) the worksheet.

Question

Quizplus · Accepted Answer

The balance sheet reports the assets, liabilities, and equity of a company at a specific point in time, including the book value of long-term assets. The income statement reports the revenues and expenses of a company over a period of time. The statement of owner's equity reports the changes in the owner's equity section of the balance sheet. The worksheet is an internal document used by accountants to organize financial data.

The Book Value of Long-Term Assets Is Reported on