Question
1. An economic student read Teslas 12/31/2020 regular income statement (consolidated statement of operations) and stated that Tesla made money during the year ended 12/31/2020.
1. An economic student read Teslas 12/31/2020 regular income statement (consolidated statement of operations) and stated that Tesla made money during the year ended 12/31/2020. Do you agree with the economic students statement? Why or why not.
2. Teslas 12/31/2020 regular income statement (consolidated statement of operations) indicated Tesla incurred a net profit [Total] of $862 million. The disposition of this profit goes to the balance sheet; what section and what account of the balance sheet would contain the profit? Also, does this profit increase or decrease the balance sheet account?
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Horngrens Financial and Managerial Accounting
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
4th Edition
978-0133251241, 9780133427516, 133251241, 013342751X, 978-0133255584
