What account would appear on both the income and balance sheets?
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What account would appear on both the income and balance sheets?
None. Income statement acocunts are temporary Accounts. Balance Sheet accounts are permanent
Net Income is tranferred from the Income statement to the Balance Sheet as retained earnings after dividends are paid
The relationship by the way the BS and IS is through your retained earnings/equity accounts. While this is not reflected on the IS, your net income/loss are closed into retained earnings for the period when you report.
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