Which financial statement reports a company's profitability over aperiod?a) Balance Sheetb) Statement of Cash Flowsc) Income Statementd) Statement of Retained Earnings

Explanation of Income Statement:The income statement is a financial statement that shows a company's…

Answered: Which financial statement reports a…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 19MC: On which financial statement would the Dividends account appear? A. Balance Sheet B. Income...

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Which of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted? A. net income B. retained earnings C. EBITDA D. EPS
Which statement is most directly affected by a change to net income? A. balance sheet B. income statement C. statement of retained earnings D. statement of cash flows
On which financial statement would the Dividends account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
Which financial statement shows the financial performance of the company on a cash basis? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statement
Which financial statement shows the financial position of the company? A. balance sheet B. statement of owners equity C. statement of cash flows D. income statement
Which of the following financial statements should be prepared first? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
Retained earnings is accurately described by all except which of the following statements? A. Retained earnings is the primary component of a companys earned capital. B. Dividends declared are added to retained earnings. C. Net income is added to retained earnings. D. Net losses are accumulated in the retained earnings account.
On which two financial statements would the Retained Earnings account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flows
If a company capitalizes costs that should be expensed, how is its income statement for the current period impacted? A. Assets understated B. Net Income understated C. Expenses understated D. Revenues understated
Owners equity represents which of the following? A. the amount of funding the company has from issuing bonds B. the sum of the retained earnings and accounts receivable account balances C. the total of retained earnings plus paid-in capital D. the business owners/owners share of the company, also known as net worth or net assets
Comprehensive income: includes transactions that affect stockholders equity with the exception of those transactions that involve owners. is considered an appropriation of retained earnings. includes all transactions that are under managements control. is the result of all events and transactions reported on the income statement.
Which financial statement conveys a company’s ability to generate profits in the current period? a. Income statement.b. Statement of cash flows.c. Balance sheet.d. Statement of stockholders’ equity.

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Which financial statement reports a company's profitability over a period? a) Balance Sheet b) Statement of Cash Flows c) Income Statement d) Statement of Retained Earnings