$4$points

Time Remaining $38$ minutes $4$ seconds

$00$:$38$:$04$

Item $5$

Time Remaining $38$ minutes $4$ seconds

$00$:$38$:$04$

Three of the four statements below are incorrect. Which one of the following statements is correct?

Multiple Choice

Net income includes a deduction for dividend payments made to stockholders.

Expenses are reported on the income statement during the period they are paid for.

Revenues are reported on the income statement regardless of whether the customer has paid for the goods or services.

Net income normally equals the net cash generated by operations.