Samantha and Samuel both have student credit cards issued by VISA. Their credit card statements show they are at their credit card limit of $500 this month. Samantha manages her credit well and ensures that her credit card balance is paid off in full each month before the payment deadline while Samuel cannot manage to pay off the minimum amount required each month. Complete the sentence: For Financial Statement

reporting purposes, __________________________________________.

a)It does not matter where Samantha or Samuel report the $500 as long as it is shown on

one of their Financial Statements.

b)Both Samantha and Samuel would report their $500 on their Balance Sheet as a current

liability.

c)Both Samantha and Samuel would report their $500 on their Cash Flow statement as

an expense.

d)Samantha would report her $500 on her Cash Flow statement as an expense while Samuel would report his credit card debt of $500 on his Balance Sheet as a current

liability.

e)Samantha would report her $500 on her Balance Sheet as a current liability while Samuel would report his credit card debt of $500 on his Cash Flow statement as an