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 $38,755 and $32,735, respectively. What is the amount of net income or net loss for the period?

A) $6,020 net income
B) $38,755 net loss
C) $6,020 net loss
D) $32,735 net income