Equipment would be included on the balance sheet in which section

Question

Quizplus · Accepted Answer

Equipment is a fixed asset and would be included in the fixed asset section of the balance sheet. Current assets include assets that are expected to be converted to cash within one year, while fixed assets are long-term assets with a useful life of more than one year. Retained earnings and owner's equity are sections of the balance sheet that represent the company's accumulated earnings and ownership stake, respectively.

Equipment Would Be Included on the Balance Sheet in Which