Which of the following appears on both the income statement and statement of owner's equity?
A) Owner, Capital, ending balance
B) Total revenues
C) Net income
D) Owner, Withdrawals

Question

Quizplus · Accepted Answer

Net income appears on both the income statement and statement of owner's equity as it represents the amount of profit/loss earned by the business during the period and is used to calculate the ending balance of owner's equity. None of the other options appear on both statements.

Which of the Following Appears on Both the Income Statement