Net income appears on which of the following financial reports?
A) Balance sheet
B) Income statement and statement of owner's equity
C) Trial balance
D) Balance sheet and income statement

Question

Quizplus · Accepted Answer

Net income is a key component of the income statement, and it is also used to calculate the ending balance of the statement of owner's equity. Therefore, net income appears on both the income statement and statement of owner's equity. It does not appear on the balance sheet or trial balance.

Net Income Appears on Which of the Following Financial Reports