Question: When preparing the financial statements, why is the income statement prepared first? OA The income statement is the easiest statement to prepare O B. Net

When preparing the financial statements, why is the income statement prepared first? OA The income statement is the easiest statement to prepare O B. Net income or O C. The income statement is used to prepare the balance sheet O D. Te income statement is the most important statement to investors and trediltors net loss from the income statement is used for the statement of retained earnings

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

MULTIPLE CHOICE 40. ratios that test liquidity include all except: A. inventory turnover B. acid-test ratio C. return on assets D. current ratio 46. If stock is issued for an asset other than cash,...

o On October 1, 2018, Gode Company paid $24,500 for one year of insurance for the period, October 1, 2018 through September 30, 2019. Which of the following will be part of the adjusting entry on...

When preparing the financial statements, why is the income statement prepared fist? A . The income statement is the most important stitement to investors and oredters B . The income statement is used...

FedEx Corporation reported its balance sheet at May 31, 2019. Assume the following alphabetically listed accounts were included in its trial balance immediately prior to preparing the financial...

When preparing the financial statements, why is the income statement prepared first? 0 A. Net income or net loss from the income statement is used for the statement of retained earnings. B. The...

Incorrect Question 39 0/0.4 pts When preparing the financial statements, why is the income statement prepared first? The income statement is used to prepare the balance sheet. The income statement is...

79. Corporations may choose to distribute stock dividends in order to: a. increase retained earnings b. increase the market price per share of its stock. c. reduce the market price per share of its...

When preparing the financlal statements, why is the income statement prepared first? A . The income statement is the easiest statement to prepare. B . The income statement is used to prepare the...

pelase help me i know this answer thank you so much 2. Adjusted Trial Balance Column from Lionel Worksheets follows: Balance Sheet Credit PT Lidl Where For the Machines 31.2020 Income Acom Ada...

Consider an inventory system with 4 items: Item i (units/year) Ci 2.00 0.90 5.00 0.81 1 2 3 4 7,200 4,000 500 2,500 The inventory manager argues that there is no way that he can evaluate K and i;...

a) Why does the brokerage firm not disburse the proceeds of a short sale? Why does it require margin payments? b) Suppose, I shorted 100 shares of GE at $50. How much money do I receive up front? How...

Which of the following is the first step in the registration of ISO 9000? a. Receiving a registration certificate b. Filing of application c. Reviewing the documents d. Conducting the assessment

5. Develop a scenario comparing two PH programs and involving the use of a CBA.

4 How do management competences required for managers by companies vary across different countries?

1 How can Andersen Consulting develop and integrate the range of competences it requires for its international operations?

1 What is the relationship between national culture and the use of the competences approach?