Question

The financial statement that reports assets, liabilities, and stockholders' equity as of the last day of the period is called the ________.

A) income statement
B) statement of retained earnings
C) balance sheet
D) unadjusted trial balance

Answer 1

The financial statement that reports assets, liabilities, and stockholders' equity as of the last day of the period is called the balance sheet.

Step-by-step explanation:

The financial statement that reports assets, liabilities, and stockholders' equity as of the last day of the period is called the balance sheet. The balance sheet provides a snapshot of a company's financial position and helps stakeholders understand the company's resources, obligations, and ownership interests.