The amount of net income is transferred from ________ to ________.
A) the income statement; the statement of owner's equity
B) the balance sheet; the statement of cash flows
C) the balance sheet; the income statement
D) the income statement; the statement of expenditures

Question

Quizplus · Accepted Answer

The net income is calculated on the income statement and then transferred to the statement of owner's equity to show how the profitability of the business is affecting the owner's equity.

The Amount of Net Income Is Transferred from ________ to ________

The Amount of Net Income Is Transferred from to