Net Income Appears on the End-Of-Period Spreadsheet in the

question 171

Multiple Choice

Net income appears on the end-of-period spreadsheet in the

• A) debit column of the Balance Sheet columns
• B) debit column of the Adjustments columns
• C) debit column of the Income Statement columns
• D) credit column of the Income Statement columns

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Definitions:

Balance Sheet

A financial statement that presents a company's assets, liabilities, and shareholders' equity at a specific point in time, showing the balance between what it owns and owes.

Prepared

The state of having something ready for use or consideration, often used in the context of financial documents or plans.

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries are made, used to prepare financial statements.

Liabilities

The rights of creditors that represent debts of the business.