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13 August, 07:36

Which of the following does not represent an asset of a company?

1. Supplies held by the company.

2. Amounts receivable from customers.

3. Equipment owned and used for operations.

4. Amounts owed to suppliers

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Answers (1)
  1. 13 August, 08:04
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    4. Amounts owed to suppliers

    Explanation:

    We know that

    Balance sheet comprises of assets, liabilities and the stockholder equity

    The assets could be classified into current asset, fixed asset, and the intangible assets

    While the liabilities are also classified into current liabilities and the long term liabilities

    The account receivable, equipment, supplies have come on the asset side of the balance sheet whereas the account payable or amount owed to suppliers have come on the liabilities side of the balance sheet

    So, the most appropriate option is 4.
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