Where Does Net Income Appear on a Worksheet

question 91

Multiple Choice

Where does net income appear on a worksheet?

• A) Net income appears only in the income statement debit column.
• B) Net income appears in the balance sheet credit column and in the income statement debit column.
• C) Net income appears in the income statement credit column and in the balance sheet debit column.
• D) Net income appears only in the balance sheet credit column.

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Definitions:

Existing Partnership

An ongoing business relationship between two or more persons who cooperate to conduct business activities for profit.

Jointly

In cooperation or shared between two or more parties.

Severally

Individually or separately; taking responsibility or acting apart from others.

Provincial Legislation

Laws that are enacted by the legislative assemblies of provinces in a country, thus varying between provinces based on local needs and conditions.