The net income or net loss is calculated on the:

A) balance sheet.
B) statement of Owner's Equity.
C) income statement.
D) None of these

Income Statement

A financial statement that shows a company's revenue and expenses over a particular period, illustrating how net income or net loss was achieved.

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities, representing the ownership interest of shareholders or proprietors.

Balance Sheet

A financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a basis for computing rates of return and evaluating its capital structure.