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How is the income statement linked to the balance sheet?

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Business
Questioned by
Kalsom Aslam
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Answers:

Rabia Khan 2 years ago
The revenues, expenses, gains, and losses that make up the net income are reported on the company's income statement. ... The connection between the balance sheet and the income statement results from the use of double-entry accounting or bookkeeping and the accounting equation Assets = Liabilities + Owner's Equity.
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