The income statement and balance sheet columns of Beer and Nuts Company's worksheet reflect the following totals: To enter the net income (or loss) for the period into the above worksheet requires an entry to the

Question

The income statement and balance sheet columns of Beer and Nuts Company's worksheet reflect the following totals:  To enter the net income (or loss) for the period into the above worksheet requires an entry to the

Quizplus · Accepted Answer

Net income (or loss) is entered on the credit side of the income statement column and the debit side of the balance sheet column. This reflects an increase in equity on the balance sheet and contributes to the overall profitability of the company on the income statement.

The Income Statement and Balance Sheet Columns of Beer and Nuts