Which of the following statements regarding the income statement columns on the worksheet is false?

A. The balances in the income statement credit column are revenues.

B. The balance in the income statement credit column are unearned revenues.

C. The balances in the income statement debit column are expenses

D. The difference between the totals of the income statement columns is net income or net loss.

E. The net income or net loss from the income statement columns is entered in the Balance Sheet & Statement of owners equity columns.

Question

Tempestofnature Tempestofnature

22-06-2022
Business

contestada

Which of the following statements regarding the income statement columns on the worksheet is false?

A. The balances in the income statement credit column are revenues.

B. The balance in the income statement credit column are unearned revenues.

C. The balances in the income statement debit column are expenses

D. The difference between the totals of the income statement columns is net income or net loss.

E. The net income or net loss from the income statement columns is entered in the Balance Sheet & Statement of owners equity columns.

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nikitarahangdaleVT nikitarahangdaleVT · Answer 1 · 2022-06-24T08:29:05+02:00

Unearned revenue is recorded as a liability on a company's balance sheet.

What is an income statement?

A company's revenues, expenses, and profitability are summarized in an income statement over time.

On a company's balance sheet, unearned revenue is recorded as a liability.

It is also known as a profit-and-loss (P&L) statement or an income statement.

It shows your revenue from selling products or services as well as your expenses for generating revenue and running your business.

Hence option b is correct as stated above.

Learn more about income statements here.
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