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Complete each equation by selecting the missing term.

Then, select the financial statement that the equation illustrates.

 

 

1.     Assets = ?  + Capital  

 

 Select missing term.

A.    Drawing

B.    Expenses

C.     Liabilities

D.    Net Income

E.     Revenues

 

 

select the financial statement that the equation illustrates

Statement Sheet

Income Statement

Equity Statement

 

 

2.     Revenues- _______? = net income

Select missing term.

A.    Assets

B.    Capital

C.     Drawing

D.    Expenses

E.     Liabilities

 

 

select the financial statement that the equation illustrates

A.    Balance Sheet

B.    Income Statement

C.     Equity Statement

 

 

3.     Capital (beginning balance) + Investments by Owner +____?- Drawing = Capital (ending balance)

 

Select missing term

 

A.    Assets

B.    Expenses

C.     Liabilities

D.    Net income

E.     Revenues

 

select the financial statement that the equation illustrates

A.    Balance Sheet

B.    Income Statement

C.     Equity Statement

Answer & Explanation
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