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

Question

Quizplus · Accepted Answer

When the income statement debit column exceeds the income statement credit column, it means that the company incurred more expenses than it earned in revenue, resulting in a net loss.

Which of the Following Statements Is True If the Income