Kate's banker would like to know the profit of her business from January 1 through December 31. She should show him the

Question

Quizplus · Accepted Answer

The income statement shows the revenue and expenses of the business over a period of time and calculates the net profit or loss, making it the best choice to show Kate's banker her business's profit from January 1 through December 31. The statement of cash flows shows the cash inflows and outflows of the business during a period, the balance sheet shows the business's assets, liabilities, and equity at a specific point in time, and the harvest plan is not relevant to financial statements.

Kate's Banker Would Like to Know the Profit of Her