Which financial statement would you utilise to determine whether a company will be able to pay liabilities that are due in 30 days?

  1. Income statement.
  2. Balance sheet.
  3. Statement of cash flows.
  4. Statement of stockholders’ equity.

Answer b. Balance sheet

Explanation: In accounting, a balance sheet report is a summary of the monetary balances of an individual or association, regardless of whether it be a business partnership, a sole proprietorship, an enterprise, a private limited company, a private limited company, a government or a not-for-profit entity.

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