A Company Reported a Net Loss of $30,000 for Year

question 195

Multiple Choice

A company reported a net loss of $30,000 for Year 1,but its cash balance increased during the year.Which financial statement should management refer to for an explanation of this situation?

• A) balance sheet
• B) income statement
• C) statement of retained earnings
• D) statement of cash flows

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Definitions:

Ice Cream Truck

A mobile retail outlet that sells ice cream and related frozen desserts, typically operating in residential neighborhoods during warmer months.

Suicide

Voluntarily causing one's own death.

Teenagers

Individuals who are in the age range of 13 to 19 years, a developmental stage characterized by physical, psychological, and social changes.

African American

Refers to an ethnic group of Americans with total or partial ancestry from any of the black racial groups of Africa.