Question: Net Income: A ) Decreases equity. B ) Equals equity minus liabilities. C ) Equals assets minus liabilities. D ) Occurs when revenues exceed expenses.

Net Income:
A) Decreases equity.
B) Equals equity minus liabilities.
C) Equals assets minus liabilities.
D) Occurs when revenues exceed expenses.
E) Represents creditor claims against assets.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Waterways Corporation is preparing its budget for the coming year, 2022. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in...

Q:

Gross income: a.decreses equity, b. Equals Equity minus Liabilities, c Equals Assets minus Liabilities, d. Occurs when revenues exceeds expenses

Q:

Unearned revenues are: Multiple Choice Revenues that have been earned and received in cash. Revenues that have been earned but not yet collected in cash. Liabilities recorded when customers pay in...

Q:

Net Income: Multiple Choice Decreases equity. Equals equity minus liabilities. Equals assets minus liabilities. Occurs when revenues exceed expenses. Represents creditor claims against assets

Q:

Corporate Social Responsibility is defined as: A. A concern for the impact of a business's actions on society as a whole. B. A code that helps in dealing with confidential information. C. A process...

Q:

The principle that requires every business to be accounted for separately and distinctly from its owner(s) is known as the a. Objectivity principle. b. Business entity principle. c. Going-concern...

Q:

7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting...

Q:

solve 1. Which of the following events does not involve an exchange of value? A. Payment of a debt B. Purchase of a building on credit C. Loss from theft D. Borrowing money E. None of these 2. An...

Q:

1 Mumiple Chole Equals equity minus liabilities. Equals assets minus liabilities. Occurs when revenues exceed expenses. Represents creditor claims against assets. Decreases equity.

Q:

1. A Balance Sheet is also known as: A- A Profit and Loss Statements. B- A Statement of Financial Position. C- A Cash Flow Statement. D- None of the above. 2. Equipment was purchased for Company A...

Q:

net income: a . decreases ewuity b . represents the amount of assets owners put into a bsuiness c . ewuals assets minus liabilites d . occurs when revenues exceed expenses e . represents creditor...

Q:

Find the nature of the roots of the following quadratic equations. If the real roots exist, find them; (1) 2x-3x+5=0 3x-43x+4=0 (II) (III) 2x - 6x +3=0

Q:

Which nontriad regions and countries have achieved the most rapid economic growth in the last 10 to 20 years and what factors have helped their development?

Q:

Income Statement Income Gross sales 5750000 Sales returns and allowances 20000 Net sales 6660000 Cost of goods sold 2760000 Gross profit 3900000 Dividends received from stock investments in...

Q:

Which of the following domains is NOT targeted by agile product management methods? Group of answer choices Mass produced breakfast cereals Industrial products with embedded software ( from...