Net Income reported on Income statement and Retained Earnings reported on balance sheet are directly related.
“A positive net income as reported on the income statement increases the retained earnings of the organization. Similarly, loss in income on income statement causes retained earnings to decrease.”
Same can be verified using Statement of retained earnings & Balance sheet as published below for the Krishna Corporation.
Some of the basic accounting terms that you will learn include revenues, expenses, assets, liabilities, income statement, balance sheet, and statement of cash flows.
A chart of accounts is a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger.
A chart of accounts is a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger.
Some of the basic accounting terms that you will learn include revenues, expenses, assets, liabilities, income statement, balance sheet, and statement of cash flows.
A chart of accounts is a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger.
A chart of accounts is a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger.
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