Solved

Net Income Is

Question 31

Multiple Choice

Net income is:


A) deducted from beginning retained earnings on the retained earnings statement
B) added to beginning retained earnings on the retained earnings statement
C) added to assets on the balance sheet
D) deducted from net sales on the income statement

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q26: Depreciation is normally associated with which asset

Q27: Cost of goods sold is:<br>A) added to

Q28: Claims held by the shareholders (owners)of a

Q29: Cash received from the issuance of share

Q32: The balance sheet contains:<br>A) the amount of

Q34: Management accounting is prepared primarily for external

Q35: When accounting for cash collected from customers,the

Q36: What do creditors such as bankers look

Q97: The statement of cash flows categorizes the

Q104: The income statement measures the company's financial