The Income Statement Columns in the End-Of-Period Spreadsheet Show That

Multiple Choice

The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520. What does this information mean to the accountant?

A) There is a net income of $21,720.
B) There is a net loss of $21,720.
C) The accounts are out of balance, indicating that an error has been made.
D) The accounts have not been updated.