Select the statement on which each of the items provided below would be reported.
-Net income for the period.
A)Statement of retained earnings
B)Statement of stockholders' equity
C)Items that may require reporting on either statement
D)Items not reported on either of the statements

Question

Quizplus · Accepted Answer

Net income for the period is a component that affects both the statement of retained earnings and the statement of stockholders' equity, as it is a key factor in determining the ending balance of retained earnings, which is a part of stockholders' equity.

Select the Statement on Which Each of the Items Provided