After the account balances have been extended from the Adjusted Trial Balance columns on the end-of-period spreadsheet, the difference between the initial totals of the Balance Sheet debit and credit columns is Net Income or Net Loss.

Question

Quizplus · Accepted Answer

The difference between the initial totals of the Balance Sheet debit and credit columns reflects the company's Net Income or Net Loss, as this difference is essentially the result of the company's revenue and expenses for the period.

After the Account Balances Have Been Extended from the Adjusted