Question

Income statement is prepared to determine the position of the concern.​

Answer 1

Answer:

10 years

Here, we have R = 10% and have to calculate t for the sum of the money (that is P) to double. Hence, it will take 10 years for the sum of money to double itself with the rate of 10% per annum simple interest.

Answer 2

Answer:

The purpose of an income statement is to show a company's financial performance over a period. It tells the financial story of a business's activities. Within an income statement, you'll find all revenue and expense accounts for a set period.