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28 Nov 2019

The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time such a month or year is called

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Deanna Hettinger
Deanna HettingerLv2
11 Feb 2019
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Related questions

True/Make true questions in the “Financial Statements”

1. Peachtree automatically calculates financial statements oncejournal entries have been journalized and posted.

2. In Chapter 7, you printed three financial statements.

3. The statement of cash flow is roughly the same thing as abalance sheet.

4. The balance sheet lists the revenues and expenses of thebusiness.

5. The income statement is a summary of the revenue and expensesof a company for a period of time, such as an accounting period ora year.

Which of the following is true regarding the income statement?
a. The income statement is sometimes called the statement of operations.
b. The income statement reports revenues, expenses, and liabilities.
c. The income statement only reports revenue fro which cash was received at the point of sale.
d. The income statement reports the financial position of a business at a particular point in time.

A company had revenues of $58,500 and expenses of $45,500 forthe accounting period. The owner withdrew $6,450 in cash during thesame period. Which of the following entries could not be a closingentry?

Debit Owner's, Capital $6,450, credit Owner's, Withdrawals$6,450.

Debit Income Summary $58,500; credit Revenues $58,500.

Debit Revenues $58,500; credit Income Summary $58,500.

Debit Income Summary $45,500, credit Expenses $45,500.

Debit Income Summary $13,000; credit Owner's, Capital$13,000.

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