The amount of the purchases for a period is presented in
A) the balance sheet.
B) the income statement.
C) the statement of owner's equity.
D) the cost of purchases statement.

Question

Quizplus · Accepted Answer

The amount of purchases for a period is an expense and would be included in the income statement. The balance sheet shows the assets, liabilities, and equity of a company at a specific point in time; the statement of owner's equity shows changes in the owner's equity during a period; and the cost of purchases statement is not a commonly used financial statement.

The Amount of the Purchases for a Period Is Presented