Final answer:
The best summary of the role of footnotes on a balance sheet is that they are meant to explain the balance sheet figures and help users interpret the data presented, enhancing the transparency and understanding of a company's financial position.
Step-by-step explanation:
The statement that best summarizes the role of footnotes on a balance sheet is: Footnotes should explain balance sheet figures and help the users interpret the balance sheet. Footnotes provide valuable information that complements and clarifies the numbers presented in the financial statements. They typically include details about accounting policies, additional breakdown of line items, and explanations of specific transactions or changes in financial statement elements. Footnotes enhance transparency and give stakeholders a better understanding of a company’s financial health.