Net income or loss is transferred from the income statement to the: < Trial Balance General Journal General Ledger Trial Balance Statement of Retained Earnings Balance Sheet

Q: comprehensive income i

A: Other comprehensive income is closed to Correct answer :- D     - Accumulated other comprehensive…

Q: ing the current year, erchandise is sold for $900,000. The cost of the goods sold is $522,000. What…

A: Gross profit is very important for companies because it shows profit earned by company during the…

Q: Which type of debit account is balanced in the income statement columns of a work sheet?…

A: Income statement:   It is a financial statement that calculate the net income after deducting all…

Q: Revenue from sources other than the primary operating activity of a business like interest expense…

A: The Multistep income statement categories the different revenues and expenses incurred during the…

Q: What is the name of the accounting concept in which revenue earned  during the accounting period…

A: An accrual is a journal entry that is used to recognize revenues and expenses that have been earned…

Q: What major items are included in the Retained Earnings Statement?

A: Retained earnings statement  is financial statements that states firm income after every payment.…

Q: Viktor Hovland purchases land with natural gas reserves for $500,000. He expects to extract 2,000…

A: The depletion of land will be as per the units extracted at end of year 1.

Q: The net income or net loss reported on the income statement must be the same as the net income or…

A: A Worksheet is a multi-column spreadsheet that contains the ending balances of all general ledger…

Q: Briefly explain the following: Balance Sheet Income Statement Statement of Changes in Financial…

A: Balance sheet: Balance sheet is a main part of financial statement. It shows as on date financial…

Q: The financial statements of an entity can be regarded as meaningful when OA. The statement of…

A: Financial statements are considered meaningful when they provide relevant financial information…

Q: Analysis of Net Income or Net Loss on the Work Sheet Select which column on a work sheet, Income…

A: Net income.Net income is typically shown as a credit balance in an income statement worksheet. Net…

Q: Under accrual basis of accounting, revenue is recognized when ______________ and expenses are…

A: Accrual basis of Accounting recognises when transactions take place. Under accrual basis accounting…

Q: what is the first item appearing on the retained earnings statement

A: Statement of Retained Earnings   Amounts Beginning balance of Retained Earnings   Add: Net…

Q: Define, explain, and provide examples of current and noncurrent assets, current and noncurrent…

A: Dear student, Since you have posted two different questions at a time, only one question ie the…

Q: The type of account and normal balance of retained earnings is  stockholders equity, credit…

A: A company generally does not distribute all its earning amongst shareholders as dividend. A portion…

Q: Identify the financial statement on which each of the following accounts would appear:   the income…

A: The income statement includes the revenues and expenses of the company. Whereas, balance sheet…

Q: How do you close revenue, expense, dividend, and income summary accounts

A: IN CLOSING OF ACCOUNTS AT THE END OF THE ACCOUNTING YEAR WE NEED TO PASS THE CLOSING ENTRIES THAT…

Q: Explain Accrual Accounting as it relates to revenue and expenses.

A: Accounting refers to recording, posting, analysing, summarising and communicating the financial…