Question

Equity and liabilities come first in a balance sheet, followed by assetsEquity and liabilities come first in a balance sheet, followed by assets

Answer 1

Answer:

Liabilities are obligations of the company; they are amounts owed to creditors for a past transaction and they usually have the word "payable" in their account title. ... Examples of liability accounts reported on a company's balance sheet include: Notes Payable. Accounts Payable.