Office Outfitters Co. has a fleet of automobiles and trucks for use by salespersons and for delivery

Question:

Office Outfitters Co. has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. Westgate Auto Sales Co. has automobiles and trucks for sale. Under what caption would the automobiles and trucks be reported on the of
(a) Office Outfitters Co.,
(b) Westgate Auto Sales Co.?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...