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 136 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!

jojobee318

  • Member
  • Posts: 298
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

More than nineteen million Americans carry the factor V gene that causes blood clots, pulmonary embolism, and heart disease.

Did you know?

Looking at the sun may not only cause headache and distort your vision temporarily, but it can also cause permanent eye damage. Any exposure to sunlight adds to the cumulative effects of ultraviolet (UV) radiation on your eyes. UV exposure has been linked to eye disorders such as macular degeneration, solar retinitis, and corneal dystrophies.

Did you know?

Approximately one in four people diagnosed with diabetes will develop foot problems. Of these, about one-third will require lower extremity amputation.

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

Although the Roman numeral for the number 4 has always been taught to have been "IV," according to historians, the ancient Romans probably used "IIII" most of the time. This is partially backed up by the fact that early grandfather clocks displayed IIII for the number 4 instead of IV. Early clockmakers apparently thought that the IIII balanced out the VIII (used for the number 8) on the clock face and that it just looked better.

Example of Health Care Services Example of Health Care Services
Language Access Services Language Access Services
Example of Reconciling a Bank Statement Cont. Example of Reconciling a Bank Statement Cont.
Participating in religious services is related to better coping skills, less severe stress ... Participating in religious services is related to better coping skills, less severe stress ...
How an Increase in Income Inequality Affects the Desired Tax Rate How an Increase in Income Inequality Affects the Desired Tax Rate
Relationship Between Income per Capita and Population Growth Relationship Between Income per Capita and Population Growth
Video: Red Blood Cells - Erythropoietin (EPO)

For a complete list of videos, visit our video library