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2 years ago

Explain the equation for the income statement. What are the three major items reported on the income statement?

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The equation for the income statement is Revenues - Cost of goods = Net income. The three major items reported on the income statement are net income, gross profits, and operating income.

The income statement is a statement of the profits and losses of a firm. It consists of three income statements. The Net income is derived by deducting the expenses of the firm from its revenues (Net income = Revenue - Expenses). It may also be calculated by adding the operating income with the non-operating items.

Gross profit is arrived at by subtracting the expenditure made on the products that were sold from the revenue of a firm. The Operating income is the result of subtracting the operating expenses from the gross profit.

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Statement of Stockholder's equity

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2 years ago

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1 year ago

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3 years ago

The Physical Inventory Worksheet is used when: Multiple Choice inventory items are physically placed in the warehouse All of the

maw [93]

Answer:

taking a physical count of inventory on hand

Explanation:

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