True or False: You need the net profit from the Income Statement to complete a Statement of Equity.

The assertion is true because the net profit from the Income Statement is a crucial component in completing a Statement of Equity. The Statement of Equity, also known as the Statement of Changes in Equity, details the changes in equity that occur over a specific period, which include contributions from owners and distributions to owners, along with the net income or loss for the period.

Net profit, which represents the company's income after all expenses are deducted from revenues, directly impacts the retained earnings portion of equity. Retained earnings are adjusted based on the net profit or loss, thereby illustrating how the company’s operations over the period have contributed to the overall equity position of the business. Thus, to accurately compile the Statement of Equity, one must incorporate the net profit from the Income Statement.