ection 1 mestion 1 of 6. Thich of the following statements best describes the relationship between the income statement and the balan The net income at the end of the year will become part of retained earnings. The gross income at the end of the year will become part of retained earnings The net income at the end of the year will become part of the owners contribution" account The net income at the end of the year will become part of the loans from owner/shareholder" account. Mark for follow up Jestion 2 of 6. ne gross margin is: Gross income less expenses COGS divided by gross sales Gross revenue less COGS An amount used only by retailers. Mark for follow up Save / Return Later Summary Next >