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    marcia626143's Avatar
    marcia626143 Posts: 2, Reputation: 1
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    #1

    Nov 11, 2008, 09:05 PM
    Income and balance sheets
    What account would appear on both the income and balance sheets?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Dec 12, 2008, 08:43 PM

    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
    AdamUTsel's Avatar
    AdamUTsel Posts: 100, Reputation: 2
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    #3

    Dec 17, 2008, 03:19 PM

    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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