The balance sheet should be prepared

A) before the income statement and the statement of owner's equity
B) before the income statement and after the statement of owner's equity
C) after the income statement and the statement of owner's equity
D) after the income statement and before the statement of owner's equity

Balance Sheet

A financial statement that provides a snapshot of a company’s financial position by listing assets, liabilities, and equity at a specific point in time.

Owner's Equity

The residual interest in the assets of a business after deducting liabilities, representing the ownership interest of the shareholders or owners.