1. An income statement is a financial statement that:
reports the cash flows of a firm as of a specified date.
reflects the firm’s assets and liabilities at a given point in time.
records the revenues and expenses for a firm over a period of time.
reflects the market value of a firm as of the statement date.
2. A company has total assets of $500,000 and total liabilities of $300,000. The firm has 20,000 shares of stock outstanding and a market-to-book ratio of 1. What is the market value per share of The stock?______
$10
$30
$50
$60