Which of the financial statements is prepared first from the worksheet?
A) Balance sheet
B) Income statement
C) Statement of owner's equity
D) None of these answers are correct.

Question

Quizplus · Accepted Answer

The Income Statement is prepared first from the worksheet because it calculates the net income or loss, which is then used in preparing the Statement of Owner's Equity and the Balance Sheet.

Which of the Financial Statements Is Prepared First from the Worksheet