Homework SourseThe accounts receivable account is found on the A Income st
The accounts receivable account is found on the ?
A. Income statement
B. Balance sheet
C. Statement of retained earnings
D. None of the above
The accounts receivable account is found on the ?
A. Income statement
B. Balance sheet
C. Statement of retained earnings
D. None of the above
A. Income statement
B. Balance sheet
C. Statement of retained earnings
D. None of the above
Solution
Answer is B.
Income statement shows revenue and expenses occurred during year.
Balance sheet shows the balances of assets, liabilities and equity.
Statement of retained earnings shows changes in retained earnings during the years.
Accounts receivable account is classified as current assets in balance sheet.
