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-   -   Income and balance sheets (https://www.askmehelpdesk.com/showthread.php?t=279928)

  • Nov 11, 2008, 09:05 PM
    marcia626143
    Income and balance sheets
    What account would appear on both the income and balance sheets?
  • Dec 12, 2008, 08:43 PM
    pready

    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
  • Dec 17, 2008, 03:19 PM
    AdamUTsel

    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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