Why does my balance sheet show a value for Net Income?

AI generated answer (using internal Slack threads):

The balance sheet shows a value for Net Income because it is a snapshot of a company's financial position at a specific point in time. It includes assets, liabilities, and equity. Net Income is part of the equity section of the balance sheet and represents the total earnings (profit) of the company after subtracting all costs and expenses, including tax and interest, over a specific period. Net Income is a crucial component of the balance sheet because it provides an indication of the company's profitability. If the company is profitable, the net income increases the equity of the company, which can be used for reinvestment in the business, paying out dividends, or reducing liabilities. In the context of NetSuite, the balance sheet report will show the cumulative balance of each account, including Net Income, for the selected period. This means that the balance of an account at the end of a period is the sum of its opening balance and all transactions that have occurred within that period. For example, if an account had a balance of $59.5K at the beginning of 2019 and there was only one transaction of $500 in 2019, the balance at the end of 2019 would be $60K ($59.5K + $500). This balance would then be carried over to 2020 as the opening balance for that account. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******