Identify three questions that can be answered by reviewing a firm's income statement but that cannot be answered by reviewing the firm's balance sheet or statement of stockholders' equity. Be specific.© BrainMass Inc. brainmass.com June 4, 2020, 12:46 am ad1c9bdddf
The details that are only revealed in an income statement include:
1. The amount of total sales revenue, which also might include a comparison to the prior year if comparative income statements are presented.
2. The total cost of goods sold and the contribution margin, assuming the company prepares a ...
The solution provides more than three with an explanation that not all the financial statements follow the same format, and therefore may not contain all the same information.