Income Statement: The income statement is that financial statement which shows the net income (or loss) of the Company. In the income statement, to calculate the net income, all expenses incurred by the Company are deducted from the total revenue of the Company.
Owner’s equity statement: The owner’s equity statement shows the change in the amount of equity by adjusting the drawings and net income in the beginning balance of owner’s equity to calculate the balance of owner’s equity at the end of the accounting period.
Main components of balance sheet are assets, liabilities and
To explain: Whether the given statement is true or not.

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Chapter 1 Solutions
ACCT.PRINCIPLES-WILEYPLUS NEXTGEN
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