Which of the following represents a fixed asset?

A fixed asset refers to long-term tangible property that a business owns and uses in its operations to generate income. These assets are not intended for sale and typically have a useful life extending beyond one year.

In this context, the funeral coach qualifies as a fixed asset. It is a vehicle specifically used in funeral services, contributing to the operations of a funeral home. Since it is a physical asset that will be used for several years in the business, it is categorized as a fixed asset on the balance sheet.

The other options do not represent fixed assets. Accounts payable is a current liability, indicating amounts owed to suppliers. Mortgage payable represents a long-term liability associated with borrowing for property acquisition but does not pertain to an asset itself. Owner's equity reflects the owner's interest in the business after liabilities are deducted from assets and is a measure of the company's net worth rather than a tangible asset.