Author Question: An income statement: a. shows the estimated cash inflows and outflows for the period. b. gives the ... (Read 107 times)

MGLQZ · **on:** Jun 29, 2018

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.