The "Net Income" or "Net Loss" is transferred from the income statement to the

A. statement of owner's equity.
B. balance sheet.
C. chart of accounts.
D. trial balance.


Answer: A

Business

You might also like to view...

Extracting data for a data warehouse

a. cannot be done from flat files. b. should only involve active files. c. requires that the files be out of service. d. follows the cleansing of data.

Business

When computing an interest or growth rate, the rate will increase with a decrease in future value, holding present value and the number of periods constant

Indicate whether the statement is true or false

Business

A partner who commits a tort has liability for indemnifying the partnership for any loss it sustains

Indicate whether the statement is true or false

Business

Your company has been caught participating in some questionable practices with an important overseas supplier. A report by a watch dog group found that employees at an overseas manufacturing plant you rely on for your products earn a wage that is barely enough to sustain them, work overtime without an increase in their hourly wage, and work in unsafe conditions. What are the potential consequences of this news on the company and its stakeholders? What would you recommend that your company do to repair its reputation?

What will be an ideal response?

Business