"monterrey corporation has an existing loan in the amount of $7 million with an annual interest rate of 6.5%. the company provides an internal company-prepared financial statement to the bank under the loan agreement."

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period