The Income Statement and Balance Sheet Columns of Iron and Wine

Short Answer

The income statement and balance sheet columns of Iron and Wine Company's worksheet reflect the following totals: $\begin{array}{ll}&\text { Income Statement }&&\text { Balance Sheet }\\&\text { Dr. }&\text { Cr. }&\text { Dr. }&\text { Cr. }\\\text { Totals }&\$72,000&\$44,000&\$60,000&\$88,000\\\end{array}$

The net income (or loss) for the period is
a. $\$ 44,000$ income.
b. $\$ 28,000$ income.
c. $\$ 28,000$ loss.
d. not determinable.