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3 years ago

Net income is shown on the end-of-period spreadsheet in the Income Statement debit column and the Balance Sheet credit column.

Business

1 answer:

enyata [817]3 years ago

8 0

Answer:

True

Explanation:

It is True because net income is shown in the Balance sheet as a credit account as it increases the revenues and as a debit column in the Income Statement of the end-of-period spreadsheet.

This entry is reversed for the net loss. It would be shown as a debit column in the Balance Sheet ( indicating an expense/ a loss) and as a credit column in the income statement.

The net income is shown as a debit column in the Income Statement of the end-of-period spreadsheet indicating that the credits ( revenues) are more than the debits ( expenses) and we get the balance of the income after deducting the expenses from the revenues. It is entered above the debit totals.

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nordsb [41]

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