Charlie and Gwen are arguing about the proper method for recording long-term liabilities on their company's classified balance sheet. Charlie insists that each obligation must be listed separately, while Gwen says a single total amount can be listed with notes showing details of the debt. Who is correct? O Both Charlie and Gwen are correct; long-term liabilities can be listed either individually or as a single amount depending upon the company's preferences. O Charlie is correct; long-term liabilities must be listed individually on a classified balance sheet because the sheet by nature classifies all liabilities as specifically as possible. O Gwen is correct; long-term liabilities must be listed as a single amount with detailed notes because the notes enable greater detail about the liabilities to be recorded. O Neither Charlie nor Gwen is correct; long-term liabilities are not included on a classified balance sheet. Save for Later Submit Ans