Which of the following is not reported on the income statement?
A) revenues earned by a business
B) expenses incurred by a business
C) withdrawals
D) profit
E) All of these

Question

Quizplus · Accepted Answer

The income statement reports revenues, expenses, and profits or losses of a business during a specific period, but it does not report withdrawals made by the owner(s) of the business. Withdrawals represent a reduction in the equity of the business and are reported in the statement of changes in owner's equity or in the balance sheet.

Which of the Following Is Not Reported on the Income