After All of the Account Balances Have Been Extended to the Balance

Multiple Choice

After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $37,875 and $32,735, respectively. What is the amount of net income or net loss for the period?

A) $5,140 net income
B) $37,875 net loss
C) $5,140 net loss
D) $32,735 net income