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.