The basic format of an income statement is
A. Sales - Expenses = Profits.
B. Income - Expenses = EBIT.
C. Sales - Liabilities = Profits.
D. Assets - Liabilities = Profits.
Answer:A
The basic format of an income statement is
A. Sales - Expenses = Profits. B. Income - Expenses = EBIT. C. Sales - Liabilities = Profits. D. Assets - Liabilities = Profits.