This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Income from Services is reported on which financial statement? a. income statement b. statement of ... (Read 100 times)

mp14

  • Hero Member
  • *****
  • Posts: 534
on: Jul 6, 2018
Income from Services is reported on which financial statement?
 a. income statement
  b. statement of owner's equity
  c. balance sheet
  d. none of the answers listed

Question 2

Which of the following is true of a balance sheet?
 
  A) It summarizes the performance of the organization over a specific period of time.
  B) It supplements information provided by the income statement.
  C) It shows the financial position of an organization on a specific date.
  D) It explains some changes in the assets and liabilities of a company between two consecutive periods.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

leahm14

  • Sr. Member
  • ****
  • Posts: 322
Reply #1 on: Jul 6, 2018
Answer to Question 1

A

Answer to Question 2

C
Explanation: C) The purpose of the balance sheet is to show the financial position of an organization on a specific date. It reports major classes and amounts of assets (resources owned or controlled by the business), liabilities (external claims on those assets), and equity (owners' or investors' contributions or other sources of capital).


mp14

  • Member
  • Posts: 534
Reply 2 on: Jul 6, 2018
Great answer, keep it coming :)

kalskdjl1212

  • Member
  • Posts: 353
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Every flu season is different, and even healthy people can get extremely sick from the flu, as well as spread it to others. The flu season can begin as early as October and last as late as May. Every person over six months of age should get an annual flu vaccine. The vaccine cannot cause you to get influenza, but in some seasons, may not be completely able to prevent you from acquiring influenza due to changes in causative viruses. The viruses in the flu shot are killed—there is no way they can give you the flu. Minor side effects include soreness, redness, or swelling where the shot was given. It is possible to develop a slight fever, and body aches, but these are simply signs that the body is responding to the vaccine and making itself ready to fight off the influenza virus should you come in contact with it.

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

Aspirin may benefit 11 different cancers, including those of the colon, pancreas, lungs, prostate, breasts, and leukemia.

Did you know?

Automated pill dispensing systems have alarms to alert patients when the correct dosing time has arrived. Most systems work with many varieties of medications, so patients who are taking a variety of drugs can still be in control of their dose regimen.

Did you know?

Women are 50% to 75% more likely than men to experience an adverse drug reaction.

The Gender Pay Gap Over Time: What Percentage of Men's Income Do Women Earn? The Gender Pay Gap Over Time: What Percentage of Men's Income Do Women Earn?
Radioactive protection services record book and two badge-style dosimeters. Radioactive protection services record book and two badge-style dosimeters.
Solow Model with Saving Dependent on Income Level Solow Model with Saving Dependent on Income Level
The Economics of Money, Banking and Financial Markets, Business School Edition The Economics of Money, Banking and Financial Markets, Business School Edition
Victims of police-reported intimate partner violence 2017 to 2018 Victims of police-reported intimate partner violence 2017 to 2018
Philip wants to supplement his pension by $415 per month with income from his investments. His ... Philip wants to supplement his pension by $415 per month with income from his investments. His ...
Video: Pericarditis

For a complete list of videos, visit our video library