The accountant prepared the following list of account balances from the company's records for the year ended December 31, 2019.Sales Revenue

-Determine the following amounts for Backus Tractor Sales:
A)The total revenues for 2019.
B)The total expenses for 2019.
C)What is the purpose of the Income Statement?
D)Is this company profitable? Explain your answer.
E)Is this the first year of operations for this company? Explain your answer.

Question

The accountant prepared the following list of account balances from the company's records for the year ended December 31, 2019.Sales Revenue
 
-Determine the following amounts for Backus Tractor Sales:
A)The total revenues for 2019. 
B)The total expenses for 2019. 
C)What is the purpose of the Income Statement? 
D)Is this company profitable? Explain your answer. 
E)Is this the first year of operations for this company? Explain your answer.

Quizplus · Accepted Answer

The Answer of The accountant prepared the following list of account balances from the company's records for the year ended December 31, 2019.Sales Revenue
 
-Determine the following amounts for Backus Tractor Sales:
A)The total revenues for 2019. 
B)The total expenses for 2019. 
C)What is the purpose of the Income Statement? 
D)Is this company profitable? Explain your answer. 
E)Is this the first year of operations for this company? Explain your answer.

The Accountant Prepared the Following List of Account Balances from the Company's