Summarizes the changes in owner's equity for a specific period of time. reports the changes in assets, liabilities, and owner's equity over a period of time. reports the assets, liabilities, and owner's equity at a specific date. presents the revenues and expenses for a specific period of time.

Question

Business

Harper

6 November, 17:02

Summarizes the changes in owner's equity for a specific period of time. reports the changes in assets, liabilities, and owner's equity over a period of time. reports the assets, liabilities, and owner's equity at a specific date. presents the revenues and expenses for a specific period of time.

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Horne · Answer 1

presents the revenues and expenses for a specific period of time.

Explanation:

The total revenues and total expenditures are reported in the income statement.

When the total income exceeds total expenditure then the company earns net income And if the total income is less than the total expenditure then the company has a net loss.

This net income or net loss is shown in the retained earnings account statement.