Directions:

The income statement summarizes the changes in net assets and shareholders' equity

during the period from transactions with outsiders $($non$-$owners$).$ The transactions may

include revenues, expenses, gains, and losses.

Initial Post

In your initial post, address the following:

Explain how the transactions like revenues, expenses, gains, and losses incre

ase or decrease the net assets.

Explain other types of transactions that can affect net assets.