After all of the account balances have been extended to the Income Statement columns of the end-of-period spreadsheet, the totals of the Debit and Credit columns are $77,500 and $83,900, respectively. What is the amount of the net income or net loss for the period?
A) $6,400 net income
B) $6,400 net loss
C) $83,900 net income
D) $77,500 net loss

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) = $83,900 - $77,500 = $6,400

After All of the Account Balances Have Been Extended to the Income