Which of the following statements is true if the income statement credit column exceeds the income statement debit column on a worksheet?
A)The company made a net profit.
B)The company incurred a net loss.
C)The retained earnings account decreased during the period.
D)The total liabilities exceed total assets.

Question

Quizplus · Accepted Answer

If the credit column exceeds the debit column on the income statement, it means that the company has earned more revenue than expenses, resulting in a net profit.

Which of the Following Statements Is True If the Income