Walter knows the result of the equation "Sales - Expenses = Profits" can be found on the
A) statement of cash flows.
B) income statement.
C) statement of financial position.
D) balance sheet.

Question

Quizplus · Accepted Answer

The equation "Sales - Expenses = Profits" is a basic formula used in the income statement to determine the net income or profit of a company. Therefore, the answer is B) income statement.

Walter Knows the Result of the Equation "Sales - Expenses