Question

In a company's December 31 worksheet for the current period, what does the worksheet reveal?

a) Employee salaries
b) Inventory levels
c) Financial statements
d) Tax liabilities

Answer 1

The December 31 worksheet reveals financial statements such as the income statement, balance sheet, and statement of cash flows.

Step-by-step explanation:

The December 31 worksheet for a company in the current period reveals financial statements. A worksheet is a tool used by accountants to summarize the financial information and prepare the final financial statements. It includes the trial balance, adjustments, adjusted trial balance, and ultimately leads to the preparation of the financial statements like the income statement, balance sheet, and statement of cash flows.