1.       Explain what it means by Reporting and analyzing Inventory? (Chapter 6)

Answer the following questions based in the attached simple Financial Statement:

1.       – As an initial question about the financial statements, can you define what current liabilities are and indicate on which statement they are found?

2.        Also, can you list the accounts making up the current liabilities on the sample statements

3.       Provide the amount of Total Current Liabilities for the period ending December 31, 2012?

4.       Define net revenues and net income.

5.       As an initial question about the financial statements, are net revenues and net income the same thing. Explain? 

6.       On which financial statement are they both listed?