A(n) ____ calculates a firm's total assets and total liabilities and stockholders' equity, in dollars.
A) income statement
B) balance sheet
C) common-size balance sheet
D) common-size income statement

Question

Quizplus · Accepted Answer

A balance sheet calculates a firm's total assets and total liabilities and stockholders' equity, in dollars. An income statement, on the other hand, calculates a firm's revenue and expenses to determine net income or loss over a specific period of time. The common-size versions of both of these financial statements express each line item as a percentage of a certain base item, such as total revenue for the income statement or total assets for the balance sheet.

A(n) ____ Calculates a Firm's Total Assets and Total Liabilities