Walter knows the result of the equation "Sales-Expenses = Profits" can be found on the:
A)cash flow
B)income statement
C)retained earnings
D)balance sheet

Name: Walter knows the result of the equation "Sales-Expenses = Profits" can be found on the: A)cash flow B)income statement C)retained earnings D)balance sheet
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Question

Quizplus · Accepted Answer

The equation "Sales-Expenses = Profits" is used to calculate net income, which is reported on the income statement.

Walter Knows the Result of the Equation "Sales-Expenses = Profits