Question

Where does net income appear on a worksheet?a) Net income appears only in the income statement debit column.b) Net income appears in the income statement credit column and in the balance sheet debit column.c) Net income appears in the balance sheet credit column and in the income statement debit column.d) Net income appears only in the balance sheet credit column.e) Net income appears in the balance sheet credit column and in the income statement debit column.

Answer 1

Net income appear on a worksheet it contains net income appears only in the income statement debit column.

what is meant by debit?

• The amount of money, property, and other transfers of value obtained over a predetermined period of time in return for services or goods are often referred to as income.
• Income, which is typically stated in monetary terms, is the spending and saving opportunity acquired by an entity within a given duration.
• Salary, rent, capital gains, company revenue, and income from other sources are a few typical sources of income.
• It's not always simple to comprehend how each type of income is taxed, therefore you might use an income tax calculator to do so.
• A person's income is the money they receive.

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