The amount of net income shown on the income statement also appears on the:
A)balance sheet and operations statement.
B)statement of assets.
C)statement of financial position.
D)statement of retained earnings.

Question

Quizplus · Accepted Answer

The net income shown on the income statement is transferred to the statement of retained earnings, which shows how the company's net income was distributed to dividends and retained earnings. Therefore, the amount of net income does not appear on the balance sheet, operations statement, or statement of financial position.

The Amount of Net Income Shown on the Income Statement