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
26,597,736 questions answered
Popular Conversations
y varies directly with x and has a constant rate of change of ...
Weegy: we can model this in terms of a linear equation. y=mx+b Since the question states that y varies directly with ...
12/8/2016 11:22:54 AM| 2 Answers
Solve (x + 1 -3). User: What is the GCF of the trinomial? 3x^2 - ...
Weegy: The GCF of the trinomial 3x^2 - 15x - 42 is 3. User: , write the equations of the line passing through the ...
12/8/2016 11:16:05 AM| 2 Answers
6% of what number is 270?
Weegy: 270 * 6 = 1620 A number divided by six is 270. The number is 1620. User: Find 5% of $32.68. Weegy: 5% of ...
12/8/2016 5:50:27 PM| 2 Answers
To form the comparative degree of adverbs, you should add which of ...
Weegy: Mikhail Gorbachev is responsible for glasnost, which called for openness and self-criticism in Soviet affairs. ...
12/9/2016 8:33:19 AM| 2 Answers
Weegy Stuff
S
P
Points 178 [Total 450] Ratings 1 Comments 168 Invitations 0 Offline
S
P
Points 79 [Total 511] Ratings 0 Comments 79 Invitations 0 Offline
S
Points 56 [Total 56] Ratings 0 Comments 56 Invitations 0 Offline
S
P
P
Points 51 [Total 730] Ratings 0 Comments 51 Invitations 0 Offline
S
Points 26 [Total 302] Ratings 0 Comments 26 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 8 [Total 8] Ratings 0 Comments 8 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
S
Points 1 [Total 1] Ratings 0 Comments 1 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.