Final answer:
A balance sheet is a financial statement detailing a company's assets and liabilities. The last line of a balance sheet is typically sourced from the statement of owner's equity.
Explanation:
Balance sheet is a financial statement that lists a company's assets and liabilities at a specific point in time. The information on the last line of a balance sheet is taken from the statement of owner's equity.
For example, assets such as cash, securities, property, and liabilities like debts, accounts payable are detailed in the balance sheet. It provides a snapshot of what a company owns and owes.
Understanding the balance sheet is crucial for analyzing a company's financial health and liquidity.
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