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Read the below scenario. Choose the type of financial statement that would best describe what is...

Read the below scenario. Choose the type of financial statement that would best describe what is occurring financially.

You own a small cell phone repair business. Every month you have $10,000 coming into the business (a lot of people are breaking their phones). From that $10,000, you have a pay a few bills (salaries, rent, and supplies). You also have to pay taxes. After paying all of your obligations, you have $1,500 remaining. What financial statement would best describe this scenario?

Income Statement

Balance Sheet

Statement of Cash Flows

Changes in Net Assets
business   accounting   
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Answer #1

Income statement contains details regarding revenues, expenses and net profit or loss for the period.

Income statement would best describe the scenario.

1st option.

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