Final answer:
A balance sheet is a financial statement that shows the assets, liabilities, and shareholders' equity of a company. It provides a snapshot of the company's financial position at a specific point in time. An example of a balance sheet for Longhorn Corporation is provided.
Step-by-step explanation:
A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It shows the company's assets, liabilities, and shareholders' equity. Here is an example of a balance sheet for Longhorn Corporation:
Assets Liabilities Shareholders' Equity Cash Accounts Payable Common Stock Accounts Receivable Notes Payable Retained Earnings Inventory Long-term Debt Property, Plant, and Equipment Intangible Assets