Answered

Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Get immediate and reliable answers to your questions from a community of experienced professionals on our platform. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.

What is the income statement showing?

Select one option:

A. Reports the amounts of assets, liabilities, and stockholders' equity

B. Reports the changes in the retained earnings for a period of time

C. Reports the revenues and expenses for a period of time

Sagot :

GinnyAnswer

Final answer:

The income statement shows revenues and expenses over a period, analyzing profitability and cost coverage.


Explanation:

The income statement shows the revenues and expenses for a specific period of time. It provides a summary of how much money a company made (revenues) and how much it spent (expenses) during that time frame.

The main emphasis on the income statement is the relationship between revenues and expenses. If revenues exceed expenses, net assets increase, indicating profitability. If expenses surpass revenues, net assets decrease.

By analyzing the income statement, one can determine whether an organization's programs and services cover their costs, thus indicating whether the organization is profitable.


Learn more about income statement here:

https://brainly.com/question/33690617


Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.