A formal statement of the assets, liabilities, and owner's equity of a business at a specified date is known as a(n)

Name: A formal statement of the assets, liabilities, and owner's equity of a business at a specified date is known as a(n)
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A balance sheet is a formal statement that shows a business's financial position by outlining its assets, liabilities, and owner's equity at a particular point in time. This statement is essential for evaluating a company's long-term viability and financial health.

A Formal Statement of the Assets, Liabilities, and Owner's Equity