You have new items in your feed. Click to view.
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
27,216,599 questions answered
Weegy Stuff
S
Points 582 [Total 683] Ratings 0 Comments 582 Invitations 0 Offline
S
Points 540 [Total 540] Ratings 0 Comments 540 Invitations 0 Offline
S
P
P
L
P
Points 221 [Total 1539] Ratings 1 Comments 211 Invitations 0 Offline
S
R
Points 205 [Total 305] Ratings 1 Comments 145 Invitations 5 Offline
S
P
P
L
P
P
Points 163 [Total 1615] Ratings 1 Comments 153 Invitations 0 Offline
S
Points 30 [Total 40] Ratings 3 Comments 0 Invitations 0 Offline
S
Points 14 [Total 14] Ratings 1 Comments 4 Invitations 0 Offline
S
P
P
Points 14 [Total 744] Ratings 0 Comments 14 Invitations 0 Offline
S
Points 13 [Total 13] Ratings 1 Comments 3 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.