Net Income appears on which financial statement(s)?
A)Balance Sheet only
B)Income Statement only
C)Both the Balance Sheet and the Income Statement
D)The Income Statement, Statement of Cash Flows and the Statement of Retained Earnings

Question

Quizplus · Accepted Answer

Net Income is a crucial figure that appears on the Income Statement as it summarizes the company's revenues and expenses. It is also used in the Statement of Cash Flows to adjust net income for the cash basis, and it affects the Statement of Retained Earnings by showing the amount of earnings retained in the business after dividends are paid.

Net Income Appears on Which Financial Statement(s)