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The formula for calculating net income
Normal balance
Worksheet
A check
Capital account balance + net income – owner’s drawing account
Assets, Liabilities, and Owner’s Equity
A Chart of accounts
Assets increase; assets decrease
Revenue – expenses = net income
41. The current capital to be recorded on a balance sheet is calculated as
Normal balance
Worksheet
A check
Capital account balance + net income – owner’s drawing account
Assets, Liabilities, and Owner’s Equity
A Chart of accounts
Assets increase; assets decrease
Revenue – expenses = net income
A list of accounts used by a business
Normal balance
Worksheet
A check
Capital account balance + net income – owner’s drawing account
Assets, Liabilities, and Owner’s Equity
A Chart of accounts
Assets increase; assets decrease
Revenue – expenses = net income
A balance sheet has these sections
Normal balance
Worksheet
A check
Capital account balance + net income – owner’s drawing account
Assets, Liabilities, and Owner’s Equity
A Chart of accounts
Assets increase; assets decrease
Revenue – expenses = net income
The side of the account that is increased is called
Normal balance
Worksheet
A check
Capital account balance + net income – owner’s drawing account
Assets, Liabilities, and Owner’s Equity
A Chart of accounts
Assets increase; assets decrease
Revenue – expenses = net income
When cash is paid for supplies
Normal balance
Worksheet
A check
Capital account balance + net income – owner’s drawing account
Assets, Liabilities, and Owner’s Equity
A Chart of accounts
Assets increase; assets decrease
Revenue – expenses = net income
An 8 columnar accounting form used to summarize information needed for prepare financial statements.
Normal balance
Worksheet
A check
Capital account balance + net income – owner’s drawing account
Assets, Liabilities, and Owner’s Equity
A Chart of accounts
Assets increase; assets decrease
Revenue – expenses = net income
A business form ordering a bank to pay cash from a bank account is called
Normal balance
Worksheet
A check
Capital account balance + net income – owner’s drawing account
Assets, Liabilities, and Owner’s Equity
A Chart of accounts
Assets increase; assets decrease
Revenue – expenses = net income
Check it!