(Solved by Humans)-Your Turn 1-5 1. The two parts of s hareholder s' equity are contributed capital and retained...

Question

Your Turn 1-5 1. The two parts of shareholders' equity are contributed capital and retained  earnings (earned capital). 2. A fiscal year is a year in the life of a business for financial reporting purposes . It may begin  at any time and ends a year  later. Your Turn 1-6 1.  Gross profit is equal to sales minus cost of goods sold. It is also called gross margin . 2. The time period captured by the income statement is an accounting period , often a fis­  cal year. The statement covers a period of time. On the other hand, the balance sheet describes the financial position  of a company  at a given point  in  time.