On a Worksheet,the Income Statement Debit Column Totals $10,500 and the Credit

question 109

Multiple Choice

On a worksheet,the income statement debit column totals $10,500 and the credit column totals $10,300.Which of the following statements is correct?

• A)The company had a net loss of $200.
• B)The company had a net income of $200.
• C)The company's revenues were greater than expenses.
• D)None of the above is correct.

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Definitions:

Repossesses Collateral

The act of taking back possession of property used as collateral in a loan agreement, typically after a default by the borrower.

Surplus

The amount by which revenues, resources, or supplies exceed what is needed or used; in finance, it refers to profit or the amount by which income exceeds expenditures.

Revised Article 9

An update to the Uniform Commercial Code that deals with secured transactions; it governs the process of securing assets to back a loan.

UCC

The Uniform Commercial Code is a widespread legislative schema that guides all commercial operations in the United States.