Question

On september 30, 2018, grover began preparing a trial balance worksheet. Which step occurs immediately after he prepares the income statement?

Answer 1

Balance Sheet occurs immediately after he prepares the income statement.

Balance Sheet:

• The balance sheet is one of the three main financial statements used when evaluating a business. It offers a snapshot of the assets and liabilities of a corporation as of the publication date.
• A balance sheet provides you with a quick overview of your company's financial situation at any given time. A balance sheet, along with an income statement and a cash flow statement, can aid business leaders in assessing the financial health of their organization.
• The balance sheet is a vital instrument used by executives, investors, analysts, and regulators to understand the present financial situation of a firm. The other two types of financial statements, the income statement and the cash flow statement, frequently cohabit with it.

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