Question

What is the meaning of net profit carried to balance sheet?

Answer 1

Explanation:

➡️ The profit or net income belongs to the owner of a sole proprietorship or to the stockholders of a corporation.

Recall that the balance sheet reflects the accounting equation, Assets = Liabilities + Owner's Equity.

Answer 2

Answer:

◾The profit or net income belongs to owner of the sole proprietorship or to the stockholders of a corporation.

▶The balance sheet reflects the accounting equation-:

Assets= Liabilities+Owner's equity.