The Income Statement and Statement of Financial Positions Columns of Reed

Multiple Choice

The income statement and statement of financial positions columns of Reed Company's worksheet reflect the following totals:
$\begin{array} { l }&\text { Income Statement }&&\text { Statement of financial position }\\&Dr&Cr&Dr&Cr\\ \text {Totals } &\$58,000&\$48,000&\$34,000&\$44,000\\\end{array}$
The net income (or loss) for the period is

A) $\$ 48,000$ income.
B) $\$ 10,000$ income.
C) $\$ 10,000$ loss.
D) not determinable.