The financial statement that measures the net sales, expenses, and net income of a firm over a period of time is called the:

a.

GAAP statement.

b.

income statement.

c.

statement of cash flows.

question 2

What is the future value of $20 a week for 10 years at 6 percent annual interest? Assume the first payment occurs at the end of this week. (Note that we have 52 weeks per year.)

a.

$14,727.15

b.

$14,239.14

c.

$14,361.08