A travel agency s owed $$650$ in hotel commissions and $$4,000$ forma group for a deposit that you have forwarded to hold space on a cruise. Is the $$4,650$ listed on your balance sheet under assets or liabilities?

b$.$ Is the financial position of a business at a particular time found on the income statement or the balance sheet?

c$.$ Is a summary of revenue and expenses over three months done on the income statement or the balance sheet?

d$.$ Besides wanting to avoid the need to pay immediately or to carry large amounts of cash, what is another major reason that clients may wish to pay by credit card in other countries?