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 221 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
Gracias!

momolu

  • Member
  • Posts: 320
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

When intravenous medications are involved in adverse drug events, their harmful effects may occur more rapidly, and be more severe than errors with oral medications. This is due to the direct administration into the bloodstream.

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

Stevens-Johnson syndrome and Toxic Epidermal Necrolysis syndrome are life-threatening reactions that can result in death. Complications include permanent blindness, dry-eye syndrome, lung damage, photophobia, asthma, chronic obstructive pulmonary disease, permanent loss of nail beds, scarring of mucous membranes, arthritis, and chronic fatigue syndrome. Many patients' pores scar shut, causing them to retain heat.

Did you know?

The types of cancer that alpha interferons are used to treat include hairy cell leukemia, melanoma, follicular non-Hodgkin's lymphoma, and AIDS-related Kaposi's sarcoma.

Language Access Services Language Access Services
Ethnic Differences in Financial Support for College Based on a sample of 304 emerging adults aged 2 Ethnic Differences in Financial Support for College Based on a sample of 304 emerging adults aged 2
The world has been horrified recently at a U.S. Congress so polarized and paralyzed that it cannot p The world has been horrified recently at a U.S. Congress so polarized and paralyzed that it cannot p
HCPCs Modifiers Used for Medical Office Services Cont. HCPCs Modifiers Used for Medical Office Services Cont.
Health and Income per Capita: Two Views Health and Income per Capita: Two Views
Capital’s Share of Income in a Cross-Section of Countries Capital’s Share of Income in a Cross-Section of Countries
Video: Cardiac Cycle (Part 2 of 4)

For a complete list of videos, visit our video library