Question and answer
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
Get an answer
Original conversation
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|

Question
Asked 8/16/2012 6:42:24 PM
0 Answers/Comments
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
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 User: Withdrawals by the owner for personal use do not affect net income or net loss of the business. (Points : 5) a True b False Weegy: True. (More)
Question
Expert Answered
Asked 8/16/2012 6:43:59 PM
0 Answers/Comments
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 User: After the data about transactions have been posted, the next step in the accounting cycle is to (Points : 5) prepare the financial statements. prepare the postclosing trial balance. prepare the worksheet. journalize and post the adjusting entries. Weegy: After the data about transactions have been posted, the next step in the accounting cycle is to B. prepare the postclosing trial balance User: The entry to transfer a net loss to the owner's capital account would include a debit to (Points : 5) the owner's capital account and a credit to Cash. the owner's drawing account and a credit to the owner's capital account. Income Summary and a credit to the owner's capital account. the owner's capital account and a credit to Income Summary. Weegy: The answer is "the owner's capital account and a credit to Income Summary". (More)
Question
Expert Answered
Asked 8/16/2012 6:39:37 PM
0 Answers/Comments
20,570,740 questions answered
Popular Conversations
what is pie User: what is pie in math
Weegy: 3.14 User: 300*50*9*8*8*300 Weegy: 8/300= 2/75 or in decimal format 0.026666666666666666666666666666667 ...
4/24/2015 2:04:35 AM| 4 Answers
Simplify. n 6 · n 5 ÷ n 4 · n 3 ÷ n 2 · n User: Find the ...
Weegy: 1/11 as a decimal is 0.0909 2/14 simplified is 1/7 User: Simplify. y 5 ÷ y 3 · y 2 User: Simplify. n 6 · n ...
4/24/2015 6:43:59 AM| 4 Answers
11 3 ÷ 11 3 = 1,331
Weegy: False User: Simplify 3a · 3b ÷ 3c ÷ 3d. The exponent on 3 is _____. Weegy: 3^a*3^b?3^c?3^d = ...
4/24/2015 6:38:43 AM| 3 Answers
The slope of a line is -1/3. Find the slope of a line that is ...
Weegy: The slope of a line is 1/3. The slope of a line perpendicular to this line is -3. User: What is the equation ...
4/24/2015 7:36:42 AM| 3 Answers
Find the quotient. n 7 ÷ n 3 User: Simplify. y 5 ÷ y 3 · y 2
Weegy: y^5 ? y^3 ? y^2; y^8 ? y^2 = y^6 User: Find the quotient. h 6 ÷ h Weegy: IF you mean y^5 ? y^3 ? y^2, then ...
4/24/2015 6:42:25 AM| 2 Answers
9x9
Weegy: 9 X 9 = 81 User: 81x9
4/24/2015 7:13:16 AM| 2 Answers
9*9*9
Weegy: Hello, How can I help you today? User: 9x9x9
4/24/2015 7:12:43 AM| 2 Answers
Weegy Stuff
S
L
Points 712 [Total 2289]| Ratings 1| Comments 702| Invitations 0|Offline
S
L
Points 633 [Total 1200]| Ratings 2| Comments 613| Invitations 0|Offline
S
Points 393 [Total 393]| Ratings 0| Comments 393| Invitations 0|Offline
S
P
C
L
P
L
1
P
P
1
Points 347 [Total 8224]| Ratings 3| Comments 317| Invitations 0|Offline
S
Points 188 [Total 188]| Ratings 1| Comments 178| Invitations 0|Offline
S
Points 172 [Total 172]| Ratings 2| Comments 152| Invitations 0|Offline
S
1
L
L
Points 157 [Total 8151]| Ratings 0| Comments 157| Invitations 0|Online
S
L
1
R
Points 127 [Total 1199]| Ratings 1| Comments 117| Invitations 0|Offline
S
L
Points 124 [Total 3727]| Ratings 0| Comments 124| Invitations 0|Offline
S
1
L
1
Points 43 [Total 3484]| Ratings 1| Comments 33| Invitations 0|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2015 Purple Inc.