Which of the following financial statements uses net income or net loss taken directly from the income statement?
A)Statement of owner's equity
B)Statement of cash flow
C)Balance sheet
D)Statement of expenditures

Question

Quizplus · Accepted Answer

The Statement of Owner's Equity uses net income or net loss directly from the income statement to calculate the ending owner's equity balance. Net income increases owner's equity, while a net loss decreases it.

Which of the Following Financial Statements Uses Net Income or Net