Which of the following is the objective of preparing the income statement for the coming year??
A. ?To determine the current liabilities that change naturally with changes in sales
B. ?To determine funds that a firm must raise externally through new borrowing or by selling new stock
C. ?To determine the value of stock in the coming year
D. ?To determine the amount of retained earnings the company expects to generate during the year
E. ?To determine the total of cash flows from various activities during the year
Answer: D
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