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Financial Accounting, Quiz 1

Undated, Set 1

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Question 1

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Which of the following equations best describes the income statement?

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A.
Assets − Liabilities = Stockholders' Equity
B.
Net income = Revenues + Expenses
C.
Net income = Revenues - Expenses
D.
Retained earnings = Net Income + Dividends

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Which of the following equations best describes the income statement? Which of the following transactions increases both cash and net income? Assets amount to \$35,000 at the beginning of the period and \$40,000 at the end of the period. Liabilities amount to \$10,000 at the beginning of the period and \$20,000 at the end of the period. What is the amount of the change and the direction of the change in owners' equity for the period?