After all the account balances have been extended to all columns of the worksheet, the totals of the debit and credit columns for the income statement 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

The debit and credit columns for the income statement columns are $35,350 and $38,750, respectively. This means that the company has a net loss of $3,400.

After All the Account Balances Have Been Extended to All