Question

If you want to know whether a company had a profit or a loss during a specific period of time, which financial statement would be most helpful? A. Statement of owners' equity B. Cash flow statement C. Balance sheet D. Income statemen

Answer 1

Income statement

Step-by-step explanation:

Income statement resumes the financial performance of a business during an especific time.

Answer 2

Income statement ( D )

Step-by-step explanation:

Income statement also known as a profit and loss statement is a record of an organization's financial earnings performance of a given period of time. this is a means of measuring the profitability of a company, the components of an income statement includes the total revenues and the total expenses of the organization and the difference between these two determines how profitable an organization is.

A balance sheet is used to record all the assets,liabilities and capital of an organization it is is actually used to know if a company is profitable or not, because included in the balance sheet is cash, prepaid expenses and fixed assets....... and this are not needed to know if a company had a profit in a specific given time.