On the worksheet, the difference between the debits and credits in the income statement columns would be the net income or net loss for the period.

Question

Quizplus · Accepted Answer

This is true. The income statement summarizes a company's revenues and expenses for a period of time, and the difference between the total debits and credits in the income statement columns will indicate whether the company had a net income or net loss for that period.

On the Worksheet, the Difference Between the Debits and Credits