Which of the following is NOT classified as a liability on the balance sheet?

In accounting, liabilities represent obligations that a company owes to outside parties, which can include debts and financial commitments. Current liabilities are short-term obligations that are expected to be settled within one year, while long-term liabilities are obligations that extend beyond one year. Contingent liabilities are potential liabilities that may occur depending on the outcome of a future event, such as a lawsuit.

Stockholder's equity, on the other hand, represents the ownership interest in the company. It includes funds contributed by the owners (common and preferred stock) and retains earnings, which are accumulated profits not distributed as dividends. Unlike liabilities, stockholder's equity does not represent a financial obligation to repay a creditor. Rather, it indicates the net residual interest in the assets of the company after deducting liabilities.

This distinction is crucial in understanding a company's financial position. Liabilities typically indicate what the company owes, while stockholder's equity illustrates what is owned by the shareholders. Hence, stockholder's equity is not classified as a liability on the balance sheet.