Question

At December 31, 2022, Novak Corporation reported the following plant assets. What financial statement would provide information on these plant assets?

A) Income statement
B) Balance sheet
C) Statement of cash flows
D) Statement of retained earnings

Answer 1

The financial statement that provides information on plant assets is the Balance sheet.

Step-by-step explanation:

The financial statement that would provide information on these plant assets is the Balance sheet.

The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, usually the end of an accounting period.

It shows the company's assets, liabilities, and shareholders' equity, which includes plant assets, such as buildings, equipment, and land.