Multiple Choice
After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals of the debit and credit columns show debits of $37,686 and credits of $41,101. This indicates that
A) neither net income or loss can be calculated because it is found on the income statement
B) the company has a net loss of $3,415 for the period
C) the company has a net income of $3,415 for the period
D) the amounts are out of balance and need to be corrected
Correct Answer:
Verified
Correct Answer:
Verified
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