The Income Statement and Balance Sheet Columns of Iron and Wine

question 160

Short Answer

The income statement and balance sheet columns of Iron and Wine Company's worksheet reflect the following totals: $\begin{array}{ll}&\text { Income Statement }&&\text { Balance Sheet }\\&\text { Dr. }&\text { Cr. }&\text { Dr. }&\text { Cr. }\\\text { Totals }&\$72,000&\$44,000&\$60,000&\$88,000\\\end{array}$

The net income (or loss) for the period is
a. $\$ 44,000$ income.
b. $\$ 28,000$ income.
c. $\$ 28,000$ loss.
d. not determinable.