The income statement is prepared from:Group of answer choicesthe adjusted trial balance.the income statement columns of the work sheet.either the adjusted trial balance or the income statement columns of the work sheet.both the adjusted trial balance and the income statement columns of the work sheet.

After net income is entered on the work sheet, the Balance Sheet debit and credit columns mustGroup of answer choicesbe the same amount as the total amount of the Income Statement debit and credit columnsequal each otherbe the same amount as the total amount in the Adjusted Trial Balance debit and credit columnsnot be equal to each other and need not be the same total amounts as any other pair of columns on the work sheet

21.  Which of the following statements is incorrect concerning the adjusted trial balance?*a. an adjusted trial balance proves the equality of the total debit balances and the total credit balances in the ledger after all adjustments are madeb. the adjusted trial balance provides the primary basis for the preparation of financial statementsc. the adjusted trial balance lists the account balances segregated by assets and liabilitiesd. The adjusted trial balance is prepared after the adjusting entries have been journalized and posted

The balance sheet is also known as:the income statement.the statement of comprehensive income.the statement of cash flows.the statement of financial position.

(b) From the information provided and what you drafted (Trial Balance and Income Statement), select the items that belong in each of the following categories: (i) Non-Current Assets (ii) Current Assets (iii) Current Liabilities

The balance sheet, income statement, and statement of cash flow are theMultiple Choicefinancial statements.statements of equity.journal entries.ledger entries.balance of trade.