Answer:
The financial statements are prepared in this order; income statement, balance sheet, and statement of stockholders' equity.(2,1,3)
Explanation:
The income statements contains the revenue and expenses, the net of which gives rise to a net income. The net income is what feeds into the retained earnings account to determine the closing balance of the retained earnings which is an element of the balance sheet.
After the income statement, the balance sheet is prepared. This shows the assets, liabilities and owners equity (of which retained earnings is a part).
The elements of the owners equity forms an integral part of the statement of stockholders' equity. Hence it is prepared after the balance sheet.
Evaluating the effect of the risk is it
Answer:
Price ceiling
Explanation:
When the government imposed a price ceiling in a market of goods which means that price set by the government lies below the equilibrium price of an economy. Price ceiling results in a higher demand for the goods because people wants to buy more quantity of goods at a lower price. But supplier of the goods wants to reduce supply as it will become less profitable for the producers to sell the product at a lower price.
