14.4.3 - Financial Statements
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Practice Questions
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What does the Income Statement show?
💡 Hint: Look for terms related to revenue and expenses.
Name one type of financial statement.
💡 Hint: Think about reports that summarize financial information.
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Interactive Quizzes
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What does the Income Statement summarize?
💡 Hint: Remember it deals with profits and losses.
True or False: The Balance Sheet shows a company's cash flow.
💡 Hint: Think about what components are included in the Balance Sheet.
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Challenge Problems
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A company has sales of $200,000, expenses of $150,000, and depreciation of $20,000. Calculate the net profit for the Income Statement.
💡 Hint: Make sure to account for all expenses.
You are given a Balance Sheet that shows $100,000 in assets and $40,000 in liabilities. If company dividends of $10,000 are paid out, how does this affect the equity noted previously?
💡 Hint: Consider how payments to shareholders influence total equity.
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