A mechanic took out a mortgage from a bank to buy the garage he and his employees work out of. This be listed on a balance sheet as a long-term liabilities.
An accounting document known as a balance sheet lists a company's assets, liabilities, and shareholder ownership. One of the three primary financial statements that are used to analyze a corporation is the balance sheet. It offers a picture of a company's financial situation as of the publishing date, including what it owns and owes.
A balance sheet provides you with a momentary glimpse of your company's financial situation. A balance sheet may assist business owners in assessing the financial health of their organization along with an income statement and a cash flow statement.
To know more about Balance sheet here
https://brainly.com/question/2707508
#SPJ4
