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Which of the following statements are correct about completing a work sheet?
If a net income occurs, it is added to the Debit column of the Income Statement.
Adding net income to the Credit column of the Balance Sheet & Owner's Equity columns
implies that it is to be added to Owner, Capital.
If a net income occurs, it is added to the Credit column of the Balance Sheet.
The words "net income" or "net loss" should be written on a line in the Income Statement
columns of the worksheet.
If a loss occurs, it is added to the Debit column of the Balance Sheet.



Answer :

GinnyAnswer

Final answer:

Properly completing a worksheet involves accurate financial representation, with specific placement for net income entries.


Explanation:

When completing a worksheet, it is important to accurately reflect financial transactions. If a net income occurs, it is added to the Debit column of the Income Statement, not the Credit column of the Balance Sheet. Net income should not be added to Owner's Equity directly, but rather affect it indirectly. The words 'net income' or 'net loss' should indeed be written on a line in the Income Statement columns of the worksheet.


Learn more about financial statements here:

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