Question

Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date?

A) Income statement
B) Statement of cash flows
C) Statement of retained earnings
D) Balance sheet

Answer 1

The balance sheet lists the entity's assets, liabilities, and stockholders' equity as of a specific date.

Step-by-step explanation:

The financial statement that lists the entity's assets, liabilities, and stockholders' equity as of a specific date is the Balance sheet.

A balance sheet provides a snapshot of a company's financial position at a specific point in time. It shows what the company owns (assets), what it owes (liabilities), and the remaining value for shareholders (stockholders' equity).

For example, if a company has $100,000 in assets, $50,000 in liabilities, and $50,000 in stockholders’ equity, the balance sheet will reflect this information.