Identify the financial statement: Balance Sheet, Statement of Shareholders’ Equity, Income Statement or Statement of Cash...
Identify the financial statement: Balance Sheet, Statement of Shareholders’ Equity, Income Statement or Statement of Cash Flows. 1. The amount of cash the business generated from selling its products during the most recent business year. 2. The amount of expenses the firm incurred in its most recent month of operation. 3. The total amount of equipment owned by the firm on December 31. 4. The amount of money invested into the corporation by shareholders during the last business year.
Homework Answers
1. Income Statement
Explanation : The amount of cash the business generated from selling its products during most recent year is part of revenue & hence appears in income statement.
2. Income Statement
Explanation : The amount of expenses the firm incurred appears in income statement.
3. Equipment - Balance Sheet
Explanation : The amount of equipment on December 31 is the closing balance of equipment owned by the firm & hence forms part of Balance Sheet.
4. The amount of money invested by the shareholders - Balance Sheet & Statement of Shareholders' Equity
Explanation : The amount of money invested by shareholders is nothing but equity invested by shareholders & investors.
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