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Q 1 - what is Income statement ? Q 2 - what is balance sheet ? For the exclusive use of k . alsubaie, 2

Q $1 -$ what is Income statement $?$

Q $2 -$ what is balance sheet $?$ For the exclusive use of $k .$ alsubaie, $2023 .$

Page $2$

Exhibit $1$

General Hardware, Inc.

Balance Sheet

Liabilities and stockholders' equity

Accounts payable

Taxes payable

Long $-$ term debt

Total liabilities

Common stock

Retained earnings

Total stockholders' equity

Source: Created by author.

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