The amount of net income is transferred from ________ to ________.
A) the income statement; the statement of retained earnings
B) the balance sheet; the statement of cash flows
C) the balance sheet; the income statement
D) the income statement; the statement of expenditures

Question

Quizplus · Accepted Answer

The net income is calculated on the income statement and is then transferred to the statement of retained earnings. This is done to show the change in the retained earnings balance due to the current period's earnings.

The Amount of Net Income Is Transferred from ________ to ________

The Amount of Net Income Is Transferred from to