On a worksheet,the income statement debit column totals $10,500 and the credit column totals $10,300.Which of the following statements is correct?
A)The company had a net loss of $200.
B)The company had a net income of $200.
C)The company's revenues were greater than expenses.
D)None of the above is correct.

Question

Quizplus · Accepted Answer

The difference between the debit and credit column totals is $200, indicating a net loss for the company. Therefore, option A is correct. Option B is incorrect because there was a net loss, not income. Option C cannot be determined from the given information. Option D is also incorrect, as option A is the correct answer.

On a Worksheet,the Income Statement Debit Column Totals $10,500 and the Credit