contestada

If James' records show $70,000 in revenue, $34,000 in liabilities, $90,000 in assets and $19,000 in equity, which of the figures should be included on his income statement

Respuesta :

The figure that should be involved in the income statement is $70,000.

Given that,

  • The revenue is $70,000.
  • The liabilities are $34,000.
  • The asset is $90,000.
  • The equity is $19,000.

We know that in the income statement only revenues & expenses are recorded.

Therefore we can conclude that The figure that should be involved in the income statement is $70,000.

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