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Before Calculating the Profit for the Period, the Totals of the Income

Question 46

Multiple Choice

Before calculating the profit for the period, the totals of the income statement columns on the worksheet are: total debits $70 000 and total credits $60 000. The amount of the profit or loss is:


A) $10 000 loss
B) $10 000 profit
C) $70 000 profit
D) $60 000 profit

Correct Answer:

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