After all the account balances have been extended to the balance sheet columns of the worksheet, the totals of the debit and credit columns are $35,350 and $38,750, respectively. It can be concluded the company has a:
A)net income of $3,400.
B)net loss of $3,400.
C)$74,100 net loss.
D)$74,100 net income.

Question

Quizplus · Accepted Answer

When the credit column total ($38,750) exceeds the debit column total ($35,350) in the balance sheet columns of a worksheet, the difference ($3,400) represents a net loss for the company.

After All the Account Balances Have Been Extended to the Balance