Chapter 1, Problem 11BE

To determine

Income Statement: Income Statement is prepared by all the companies by enumerating all the expenses and revenues in the statement to calculate the resulting difference of Net Income or Net Loss.

Owner’s Equity Statement: Owner’s Equity Statement is the statement showing the balance of owner’s capital left at the end of the period after including the net income for the period and deducting the drawings by the owner.

Balance Sheet: A Balance Sheet is a statement showing the position of the assets, liabilities and the owner’s equity at the end of the financial year.

To Identify: Whether the given items appear on the income statement, balance sheet or owner’s equity statement.