The income statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520.What does this information mean to the accountant?
A)net income of $21,720
B)net loss of $21,720
C)the accounts are out of balance,indicating an error has been made
D)the accounts have not been updated

Question

Quizplus · Accepted Answer

The difference between credits and debits ($77,520 - $55,800) indicates a net income of $21,720.

The Income Statement Columns in the End-Of-Period Spreadsheet Show That