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Vsevolod [243]
2 years ago
8

A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equit

y is referred to as a(n) ___________:1. Profit and loss statement2. balance sheet3. expense report4. income statement 5. budget report
Business
1 answer:
Allisa [31]2 years ago
6 0

Answer:

Balance sheet is the correct answer because it tells about the worth of company, its assets, shareholders funds (Equity) and amount borrowed by the company (Liability). Balance sheet is also known as Statement of Financial Position (SOFP)

All the other options tells about the earnings and costs of the company not about the assets and liabilities of the company.

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A contingency was evaluated at year-end. management felt it was probable that this would become an actual liability and the amou
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The effect on the financial reporting of the company is that the liabilities on the balance sheet would be understated. This is because at the end of the year, a possible event was calculated. The management felt from the calculation of that event that it is possible that the event could become an actual liability and that the amount could be estimated explainably. So it would become understated if these calculations of probable events cannot be written down in the balance sheet or in the notes of the final statements. It is like a forecasting of possible events that may happen in the future to prevent losses in the company.  
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Persom

Explanation:

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Randy is an accountant at XYZ Store Co. In January the store had $150,000 in sales, $35,000 in payroll, $20,000 in rent and util
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