Question

A double-ruled line should be drawn under the amount for

Answer 1

Answer;

B. both total assets and total liabilities and owner’s equity.

Explanation;

A double-ruled line should be drawn under the amount for both total assets and total liabilities and owner’s equity.

A single ruled line should be drawn on the column line above the amount for total assets, total liabilities and total liabilities and owner' equity.

For a given date, the Balance sheet shows the; total assets, total liabilities and owner's equities. That is, the Balance sheet shows end-of-period balances in the firm's Assets, Liabilities, and Owners Equity accounts