Before calculating the profit for the period, the totals of the income statement columns on the worksheet are: total debits $70 000 and total credits $60 000. The amount of the profit or loss is:
A) $10 000 loss
B) $10 000 profit
C) $70 000 profit
D) $60 000 profit

Question

Quizplus · Accepted Answer

The total debits exceed the total credits by $10,000, indicating a loss of $10,000.

Before Calculating the Profit for the Period, the Totals of the Income