The amount of net income or net loss is needed to complete the statement of owner's equity.

Name: The amount of net income or net loss is needed to complete the statement of owner's equity.
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Question

Quizplus · Accepted Answer

The statement of owner's equity shows the beginning balance, changes during the period, such as investments, withdrawals, and net income or net loss, and the ending balance. Therefore, the amount of net income or net loss is necessary to complete the statement of owner's equity.

The Amount of Net Income or Net Loss Is Needed