The components of financial statements are: 1. Statement of Retained Earnings 2. Statement of Changes in Financial Position 3. Income Statement & Balance Sheet 4. All of the above.
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- In general, how does the income statement help satisfy the objectives of financial reporting?What data flows from the statement of retained earnings to the balance sheet?a. Net incomeb. Cashc. Ending retained earningsd. AssetsIndicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of retained earnings and B for Balance Sheet
- can you help on the preperation of excel The income statement. The statement of retained earnings. The balance sheet. Ratios that can be calculated from the data presented.Net income appears on which financial statement(s)?a. Balance sheetb. Income statementc. Statement of retained earningsd. Both b and cWhat item flows from the statement of retained earnings to the balance sheet?a. Cashb. Dividendsc. Net incomed. Retained earnings
- it of What is considered a summary of profit or loss? Select one: a. Retained earnings b. Dividends c. Income statement d. Balance sheetThe retained earnings statement should be prepared a. before the income statement and balance sheet b. after the income statement and before the balance sheet C. before the income statement and after the balance sheet d. after the income statement and balance sheetThe retained earnings statement should be prepared a.after the income statement and before the balance sheet b.after the income statement and balance sheet c.before the income statement and after the balance sheet d.before the income statement and balance sheet
- The cumulative balance of other comprehensive income is reported in (Enter 1, 2, 3, or 4 that represents the correct answer): statement of retained earnings income statement assets section of the balance sheet stockholders’ equity section of the balance sheetWhat item flows from the income statement to the statement of retained earnings?a. Cashb. Dividendsc. Net incomed. InventoryBriefly explain the following: Balance Sheet Income Statement Statement of Changes in Financial Position Statement of Retained Earnings