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

question 66

Multiple Choice

After all of the account balances have been extended to the Income Statement columns of the work sheet, 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

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Definitions:

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