The components of financial statements are: 1. Statement of Retained Earnings 2. Statement of Changes in Financial Position 3. Income Statement & Balance Sheet 4. All of the above.
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- According to Statement of Financial Accounting Concepts No. 8, to be relevant an earnings report is expected to have which of the following?In general, how does the income statement help satisfy the objectives of financial reporting?What data flows from the statement of retained earnings to the balance sheet?a. Net incomeb. Cashc. Ending retained earningsd. Assets
- Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of retained earnings and B for Balance Sheetcan you help on the preperation of excel The income statement. The statement of retained earnings. The balance sheet. Ratios that can be calculated from the data presented.Net income appears on which financial statement(s)?a. Balance sheetb. Income statementc. Statement of retained earningsd. Both b and c
- What item flows from the statement of retained earnings to the balance sheet?a. Cashb. Dividendsc. Net incomed. Retained earningsit of What is considered a summary of profit or loss? Select one: a. Retained earnings b. Dividends c. Income statement d. Balance sheetThe retained earnings statement should be prepared a. before the income statement and balance sheet b. after the income statement and before the balance sheet C. before the income statement and after the balance sheet d. after the income statement and balance sheet
- The retained earnings statement should be prepared a.after the income statement and before the balance sheet b.after the income statement and balance sheet c.before the income statement and after the balance sheet d.before the income statement and balance sheetThe cumulative balance of other comprehensive income is reported in (Enter 1, 2, 3, or 4 that represents the correct answer): statement of retained earnings income statement assets section of the balance sheet stockholders’ equity section of the balance sheetWhat item flows from the income statement to the statement of retained earnings?a. Cashb. Dividendsc. Net incomed. Inventory