data from a trial balance is used to prepare the income statement, statement of retained earnings, and the…

data from a trial balance is used to prepare the income statement, statement of retained earnings, and the balance sheet. true false

data from a trial balance is used to prepare the income statement, statement of retained earnings, and the balance sheet. true false

Answer

Answer:

A. True

Brief Explanation:

Trial - balance data is used for these financial statements. It lists all general - ledger accounts with their debit or credit balances, which are then used to calculate revenues, expenses, retained earnings, and account balances for the income statement, statement of retained earnings, and balance sheet respectively.