Assets = liabilities + owners' equity is the equation for information reported on which of the following?
A) balance sheet
B) income statement
C) earnings statement
D) statement of owners' equity

Question

Quizplus · Accepted Answer

The equation Assets = liabilities + owners' equity is used to calculate the balance sheet, which shows the company's assets (what it owns), liabilities (what it owes), and owners' equity (the residual interest in the assets after deducting liabilities).

Assets = Liabilities + Owners' Equity Is the Equation for Information