The Net Income amount from the Income Statement is transferred to which of the following statements?
A)the profit and loss statement
B)the statement of owner's equity
C)the trial balance
D)the balance sheet

Question

Quizplus · Accepted Answer

The Net Income from the Income Statement is transferred to the Statement of Owner's Equity, where it is added to the beginning equity to calculate the ending equity.

The Net Income Amount from the Income Statement Is Transferred