You have joined Cavanaugh, Inc. in its first year of operations as the staff accountant. The fiscal year end is September 30th, 2022. This will be the company’s first set of financial statements. As of September 30th, the company has current and long term obligations. The CEO is wondering if the company can list all of the liabilities with one total (Total Liabilities).
Accounting Issue: Can the Balance Sheet present/list all of the liabilities and only include a “Total Liabilities” amount
Your interpretation of the guidance
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