On a Worksheet,the Balance Sheet Debit Column Total Is $1,000

question 75

Multiple Choice

On a worksheet,the balance sheet debit column total is $1,000 and the credit column total is $2,000.Which of the following statements is correct?

• A)The company had a net income of $1,000.
• B)The company had a loss of $1,000.
• C)The company's expenses were greater than revenues.
• D)None of the above is correct.

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Definitions:

Discount

A reduction in the price of goods or services, typically offered to prompt sales or recognized in the context of financial instruments.

Credit Analysis

The process by which a lender evaluates the creditworthiness of a potential borrower, assessing the ability to repay a loan.

Likelihood

The probability or chance of an event occurring or a hypothesis being correct.

Pay

Remuneration given by an employer to an employee for their labor or services.