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Common stock were reported?
Is common stock reported on the income statement. I am thinking no, because it is an asset? And what about cash? I am thinking it will not be on income statement because it is also an asset. On an income statement isn't it just expenses and revenue?Please help asap. Thanks! :)
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Cash and Common Stock is listed on the Balance Sheet. Cash is an Asset, Common Stock is an Owner's Equity Account. The Balance Sheet lists only permanent Accounts. The Income Statement includes Revenues and Expenses that occurred during the accounting Period. It also lists other revenues, gains and losess, as well as extrodinary events like losses due to an earthquake. The Income Statement lists only Temporary Accounts. |
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