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

Multiple Choice

After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $85,300, respectively. What is the amount of the net income or net loss for the period?

A) $7,800 net income
B) $7,800 net loss
C) $85,300 net income
D) $77,500 net loss