Mancini Office Supplies has a fleet of automobiles and trucks for use by salespersons and for delivery

Question:

Mancini Office Supplies has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. East Village Auto Sales Co. has automobiles and trucks for sale. Under what caption would the automobiles and truck be reported in the of
(a) Mancini Office Supplies,
(b) East Village 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...