19.03.2023 - 16:45

The net income or net loss is calculated on the _____. A. balance sheet. B. statement of owner’s equity. C. income statement. D. annual profit report.

Question:

The net income or net loss is calculated on the _____.

A. balance sheet.

B. statement of owner’s equity.

C. income statement.

D. annual profit report.

Answers (1)
  • Willa
    April 8, 2023 в 20:49
    The net income or net loss is calculated on the income statement. The income statement summarizes the revenues and expenses of a business over a specific period of time (usually a month, a quarter, or a year) and calculates the net income or net loss by subtracting the total expenses from the total revenue. This information is important for businesses to understand their financial performance and make informed decisions about their operations. The balance sheet and statement of owner's equity provide different types of financial information, and an annual profit report is not a standard financial statement.
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