If the debits in the Income Statement columns of the work sheet total $50,000 and the credits total $60,000 before net income or net loss has been determined,the business has a net income of $10,000.

Question

Quizplus · Accepted Answer

The difference between credits and debits in the Income Statement columns indicates net income or net loss. Here, credits exceed debits by $10,000, indicating a net income of $10,000.

If the Debits in the Income Statement Columns of the Work