As the owner of 100 shares of Megabux Corporation's stock,Elbert Treble wants to know whether his company earned a profit or loss during the past year.He can find the answer to this by looking at which of the following of Megabux's financial statements?

Question

Quizplus · Accepted Answer

The income statement, also known as the profit and loss statement, shows a company's revenue and expenses during a specific period of time, and calculates the profit or loss. Therefore, Elbert can find the answer to whether his company earned a profit or loss during the past year by looking at the income statement.

As the Owner of 100 Shares of Megabux Corporation's Stock,Elbert