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 increase or decrease the net assets? Explain other types of transactions that can affect net assets?

Answer rating: 100% (QA)

Transactions like revenues expenses gains and losses impact net assets on the income statement in va... View the full answer