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Shari discussed her income statement with you and described her report as reporting what the company owes, what it owns, and her shareholder stake at the last day of the prior month. This statement is an income statement.

User Skytux
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Answer:

False. Her report is the Balance Sheet and not the income statement.

Step-by-step explanation:

Shari's balance sheet details what the company owes (liabilities), what it owns (Assets), and the shareholder stake (Shareholder's Equity) or what she has contributed to the business in form of cash, assets, or retained earnings. The income statement is where the profit performance of the business is determined with revenue over costs and expenses.

User Drarkayl
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