A hotel prepares it balance sheet in USALI recommended format. Which current liability would be listed FIRST

Question:

A hotel prepares it balance sheet in USALI recommended format. Which current liability would be listed FIRST on this hotel’s balance sheet?

a. Notes payable

b. Accounts payable

c. Advanced deposits

d. Income taxes payable

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...