Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 44 - No. 36)
If a business has a net income, which financial statement will reflect this amount?
Income Statement
Statement of Financial Position
Statement of Cash Flows
Statement of Retained Earnings
Explanation
Net income is calculated on the income statement and then used to calculate the ending balance of retained earnings on the statement of retained earnings.
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