Which of the following equations describes the information presented in an income statement?
A)Equity = liabilities - assets
B)Equity = assets - liabilities
C)Net income = expenses - revenues + taxes
D)Revenues - expenses = net income
E)Costs of goods sold = beginning inventory + interim purchases - ending inventory

Question

Quizplus · Accepted Answer

An income statement shows the revenues and expenses of a company, and the net income is calculated as revenues minus expenses.

Which of the Following Equations Describes the Information Presented in an Income