If the totals of the Income Statement Debit and Credit columns of an end-of-period spreadsheet are $27,000 and $29,000, respectively, after all account balances have been extended, the amount of the net loss is $2,000.

Question

Quizplus · Accepted Answer

Net income (excess of revenues over expenses) = Total of Income Statement Credit column (revenues) - Total of Income Statement Debit column (expenses) = $29,000 - $27,000 = $2,000

If the Totals of the Income Statement Debit and Credit