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On which financial statement will Income Summary be shown? (Points : 5) Statement of Owner's Equity Balance Sheet Income Statement none of the above
Income Statement
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User: On which financial statement will Income Summary be shown? (Points : 5) Statement of Owner's Equity Balance Sheet Income Statement none of the above

Weegy: Income Statement
joannalynnho|Points 0|

User: Withdrawals by the owner for personal use do not affect net income or net loss of the business. (Points : 5) True False

User: Withdrawals by the owner for personal use do not affect net income or net loss of the business. (Points : 5) True False

Weegy: True, withdrawals by the owner for personal use do not affect net income or net loss of the business. Net income (or net loss) is determined only by revenues and expenses. [ Owner withdrawals are NOT an expense, and hence have no effect on net income (net loss). Similarly, owner contributions are NOT revenue, and they do not effect net income (net loss) either. ]
Expert answered|wiwit|Points 555|

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Asked 8/16/2012 6:42:24 PM
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