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
Ask a question
Not a good answer? Get an answer now. (FREE)
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
All Categories|No Subcategories|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 ... (More)
Question
All Categories|No Subcategories|Expert Answered
Asked 8/16/2012 6:39:37 PM
0 Answers/Comments
Home | Contact | Terms | Privacy | Social | ©2013 Purple Inc.
Ad
Popular Conversations
ODBS stands for ______ a. Offline database connection b. Oriented ...
Weegy: ODBS stands for - c. Open database connection
4/20/2014 10:16:42 AM| 4 Answers
introduction of travon martin case
Weegy: Trayvon Benjamin Martin (February 5, 1995 – February 26, 2012) was a 17-year-old African American from Miami ...
4/20/2014 10:14:44 AM| 3 Answers
What is the best wine to serve with chicken?
4/20/2014 1:25:16 PM| 3 Answers
Banks use a large percentage of their checkable deposits for the ...
Weegy: Banks use a large percentage of their checkable deposits for the purpose of B. giving loans User: All of the ...
4/20/2014 12:17:59 PM| 2 Answers
What is an attitude?
4/20/2014 6:00:57 PM| 2 Answers
define ad hominem
Weegy: Ad hominem means appealing to feelings or prejudices rather than intellect. User: define appeal to emotion ...
4/20/2014 10:14:10 PM| 2 Answers
What is Confucianism User: Which of the following is NOT a true ...
Weegy: Please enter the statements, and we will let you know which one is not true. User: Which river is located in ...
4/20/2014 12:19:55 AM| 1 Answers
Weegy Stuff
S
L
P
C
L
P
C
Points 1601 [Total 6988]| Ratings 0| Comments 1601| Invitations 0|Offline
S
L
P
C
P
C
1
L
P
C
Points 1495 [Total 9376]| Ratings 0| Comments 1495| Invitations 0|Offline
S
1
L
1
L
P
Points 499 [Total 7176]| Ratings 1| Comments 489| Invitations 0|Offline
S
L
Points 429 [Total 2876]| Ratings 2| Comments 399| Invitations 1|Offline
S
L
1
1
1
Points 189 [Total 3455]| Ratings 7| Comments 119| Invitations 0|Offline
S
R
Points 178 [Total 290]| Ratings 5| Comments 108| Invitations 2|Offline
S
Points 163 [Total 579]| Ratings 0| Comments 163| Invitations 0|Offline
S
Points 160 [Total 160]| Ratings 6| Comments 80| Invitations 2|Offline
S
1
Points 154 [Total 484]| Ratings 3| Comments 124| Invitations 0|Offline
S
Points 141 [Total 785]| Ratings 1| Comments 131| Invitations 0|Offline