The net income or net loss is calculated on the
A) balance sheet.
B) statement of owner's equity.
C) income statement.
D) none of these.

Question

Quizplus · Accepted Answer

Net income or net loss is calculated on the income statement. The balance sheet shows the assets, liabilities, and equity of the business at a specific point in time, while the statement of owner's equity shows the changes in equity over a period of time. Neither of these statements calculates net income or net loss.

The Net Income or Net Loss Is Calculated on the