Net income is:
A) added to beginning retained earnings on the retained earnings statement
B) deducted from 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

Question

Quizplus · Accepted Answer

Net income is the result of subtracting total expenses from total revenues on the income statement. It is then added to beginning retained earnings on the retained earnings statement.

Net Income Is