Which of the following is prepared first? a. balance sheet b. income statement c. statement of owner’s equity d. trial balance

The income statement is prepared first. The income statement is a financial statement that reports the company's financial performance (profit and loss) over a specific accounting period. It describes how the business incurs its revenues and expenses, and it is also referred as profit and loss statement (P&L). With help of this report management knows if the business made money during the period reported.

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