Question

An income statement shows Multiple Choice an organization's profitability over a period of time. a company's assets, liabilities, and equity. how much income each employee earned. how much income the CEO earns per year. a company's variable costs at a particular point in time.

Answer 1

an organization's profitability over a period of time.

Step-by-step explanation:

The income statement records a company's income and expenses in a financial year. It is used for determining if a company is earning a profit or a loss

The balance sheet records the company's assets, liabilities, and equity. A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a point in time.

Owners equity also known as the Statement of Changes in Owner's Equity is an example of a financial statement. It records the owners equity and changes to the owners equity during a financial year.