Final answer:
Net income is reported on both the income statement, where it reflects the profit after expenses, and the balance sheet within the equity section, as it affects the retained earnings.
Step-by-step explanation:
Net income appears on: c) Both the income statement and the balance sheet. Net income is a crucial part of the income statement, as it indicates the profit after all expenses have been paid. This figure is then carried over to the balance sheet and is incorporated into the equity section in the account of retained earnings. This value impacts the total equity figure on the balance sheet. Moreover, net income also contributes to the statement of retained earnings, which reconciles the beginning and ending retained earnings for the period, factoring in net income and any dividends paid out to shareholders.