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How income statement affect balancesheet?

Anonymous

∙ 10y ago

Updated: 4/28/2022

Income statement and balance sheet are both related to each other as transactions effect income statement and balance sheet as well and net income or loss from income statement is also part of balance sheet.

Wiki User

∙ 10y ago

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How do debtors affect the income statement?

iincreases the net profit

What account does not affect the balance sheet or income statement?

One not associated with the business.

What does adjusting entries affect?

always affectsa balance sheet and an income statement account

How credit card fees affect the Income statement?

Credit card fee will come under Opeating exp in incotme statement

Transactions that affect inventories on hand have an effect on both the balance sheet and the income statement?

Yes.

Related Questions

What are financial statement of a proprietorship?

The financial statement of a proprietorship are its Balancesheet,Profit & Loss A/c,Trading A/c.

How do debtors affect the income statement?

iincreases the net profit

What account does not affect the balance sheet or income statement?

One not associated with the business.

Do adjusting journal entry affect the income statement or balance sheet?

Adjusting entries affect at least one income statementand one balance sheet

What does adjusting entries affect?

always affectsa balance sheet and an income statement account

What affect Adjusting entries?

always affectsa balance sheet and an income statement account

How credit card fees affect the Income statement?

Credit card fee will come under Opeating exp in incotme statement

How do you do Income statement?

Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.

Transactions that affect inventories on hand have an effect on both the balance sheet and the income statement?

Yes.

How do you prepare comparative income statement?

Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.

What are the two categories of the income statement?

Following are two catagories of income statement: 1- Single Step Income statement 2- Multy-step income statement

Is income statement same as financial statement?

no. income statement is a only a statement in financial statements.

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