QuestionMay 31, 2025

Where is the information needed to prepare the income statement typically obtained from? Balance Sheet General Ledger WorkSheet Trial Balance

Where is the information needed to prepare the income statement typically obtained from? Balance Sheet General Ledger WorkSheet Trial Balance
Where is the information needed to prepare the income statement typically obtained from?
Balance Sheet
General Ledger
WorkSheet
Trial Balance

Solution
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Answer

Trial Balance Explanation 1. Identify the source of income statement data The information needed to prepare the income statement is typically obtained from the **Trial Balance**. It provides a summary of all ledger accounts, including revenues and expenses, which are necessary for preparing the income statement.

Explanation

1. Identify the source of income statement data<br /> The information needed to prepare the income statement is typically obtained from the **Trial Balance**. It provides a summary of all ledger accounts, including revenues and expenses, which are necessary for preparing the income statement.
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