learnsmart 1 financial accounting

Businesses earn profits by ______. (Check all that apply.)

having revenues greater than expenses providing service or selling goods at more than the cost to provide the service or deliver the goods

A corporation earns profits for its stockholders by ______. (Check all that apply.)

selling goods at more than their cost providing services at more than cost

The heading of an income statement should include ______. (Select all that apply.)

the name of the business the accounting period covered by the statement the title "Income Statement"

At December 31, Equate, Inc.'s assets equal $50,000 and liabilities equal $30,000. Stockholders' equity must equal

20,000

Companies typically prepare Blank______ financial statements each accounting period.

4

Which of the following are ways of expressing the basic accounting equation? (Select all that apply.)

Assets - Stockholders' Equity = Liabilities Assets - Liabilities = Stockholders' Equity Assets = Liabilities + Stockholders' Equity