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Hi:
Of course, Net Income is an element of the Income Statement and not the Balance Sheet.
Accounting, however, dictates that Net Income is a part of Retained Earnings on the Balance Sheet.
So, how do you "place" Net Income in Retained Earnings through an Account Schedule?
Thanks!
John
If you are talking current year, it's nice to show Prior Year Retained Earnings and Current Year Net Income on the balance sheet as part of the equity section? Of course Retained Earnings from Prior Years should have been updated through the Close Income Statement process.
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Sohail Ahmed
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YUN ZHU
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