Question
Which of the following is not found on an income statement?
Responses
Net sales
Net sales
Owner's equity
Owner's equity
Gross sales
Gross sales
Net profit
Responses
Net sales
Net sales
Owner's equity
Owner's equity
Gross sales
Gross sales
Net profit
Answers
GPT-4o mini
The item that is not found on an income statement is **Owner's equity**.
An income statement typically includes net sales, gross sales, and net profit, but owner's equity is reported on the balance sheet, not the income statement.
An income statement typically includes net sales, gross sales, and net profit, but owner's equity is reported on the balance sheet, not the income statement.