Fees earned by a business in exchange for services provided by the business appear onwhich of the following statements?
A)Statement of changes in equity.
B)Statement of cash flows.
C)Balance sheet.
D)Income statement.
E)Statement of financial position.

Question

Quizplus · Accepted Answer

Fees earned for services provided are revenue for a business and are therefore reported on the income statement. The income statement shows the revenue and expenses of a business, resulting in the net income (or loss) for a period of time.

Fees Earned by a Business in Exchange for Services Provided