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Kathy wants to know whether her boutique made or lost money this month. The financial document she should view is her:
о A. balance sheet.
OB. income statement.
о C. cash flow statement.
O
D. statement of owner's equity.

Verified Answer :

GinnyAnswer

Final answer:

Kathy should refer to the income statement to know if her boutique made or lost money this month.


Explanation:

Income statement, also known as the profit and loss statement, is the financial document Kathy should view to determine whether her boutique made or lost money this month. It provides a summary of revenues, expenses, and net income over a specific period.

Cash flow statement is another crucial financial document that shows how cash is received and used, categorizing it into operations, investing activities, and financing activities.

The balance sheet is essential for assessing the financial position of the business at a specific point in time, detailing assets, liabilities, and equity.


Learn more about Financial Statements here:

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