Revenues - cost of goods sold - expenses = net income ...

[c0205847]

Revenues - cost of goods sold - expenses = net income characterizes which financial statement?
 A) Balance sheet
  B) Statement of retained earnings
  C) Statement of cash flows
  D) Statement of financial position
  E) Income statement

Question 2

A physical therapy clinic with eight therapists provides a service. As producers of a service, the clinic:
 A) uses more raw material than if they were producing a good.
  B) can produce their service for delayed consumption.
  C) can count the number of rejects from their production run.
  D) uses a process that is labor intensive.
  E) utilizes only material resources.

[fraziera112]

Answer to Question 1

E

Answer to Question 2

D

[c0205847]

Thanks for the timely response, appreciate it

[chereeb]

Excellent