An income statement: a. shows the estimated cash inflows and ...

[MGLQZ]

An income statement:
 a. shows the estimated cash inflows and outflows for the period.
  b. gives the retailer a summary of the firm's financial position at a given point in time.
  c. is usually only prepared when the retailer is seeking to obtain a loan.
  d. provides a summary of the sales and expenses for a given time period.
  e. is the only financial statement that shows the retailer's retained earnings.

Question 2

The most important financial statement a retailer prepares is the:
 a. merchandise budget.
  b. sales report.
  c. balance sheet.
  d. statement of cash flow.
  e. income statement.

[manuelcastillo]

Answer to Question 1

D

Answer to Question 2

E

[MGLQZ]

Wow, this really help

[lkanara2]

Thanks for the timely response, appreciate it