On a worksheet, the sum of the income statement debit column exceeds the sum of the income statement credit column. This indicates the company generated a net loss during the current period.

Question

Quizplus · Accepted Answer

When the sum of the income statement debit column exceeds the sum of the income statement credit column on a worksheet, it indicates that the company's expenses (debits) are greater than its revenues (credits), resulting in a net loss.

On a Worksheet, the Sum of the Income Statement Debit