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Activity 4.a-Calculating Net Income/Loss on Income Statement & Balance Sheet/Equity For each scenario, calculate the net inco
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  1. In the 1st case, as the balancing figure is debit balance, it will be a net income, net income = 16700 - 12900 = 3800. The balance that will be carried to the balance sheet will be 3800 credit.
  2. In the 2nd case, the balancing figure is credit balance which will be a loss, loss = 37100 - 33000 = 4100. The balance which will be carried to balance sheet will be 4100 debit balance.
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