Correct Response: C. The balance sheet shows a company's assets, liabilities, and owner's equity at the end of a given period of time. This document provides a detailed report of the company's financial position in terms of what the company owns and owes. A list of the business's general ledger account balances would be used to help create the balance sheet and is not related to the purpose of the balance sheet (A). The income statement provides a summary of revenues and expenses highlighting the company's net profit or loss, but does not provide its financial position at the given date (B). The statement of owners' equity, not the balance sheet, would summarize changes in equity due to investment or profit and losses (D).
