Complete/Correct Question:
Which of the following items would not be included on a balance sheet?
A. Mortgage payment paid
B. Automobile loan balance
C. Student loan balance
D. Balances owed on your utility bills
E. Balances owed on your credit card(s)
Answer:
A, Mortgage payment paid
Explanation:
Only mortgage payable loan can be included on the balance sheet as it is a liability. A mortgage that has been paid for fully does not need to be on the balance sheet since it is no more a current liability or current expense.
I hope this helps.
