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

question 183

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 of net income
• B) $6,400 of net loss
• C) $83,900 of net income
• D) $77,500 of net loss

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Definitions:

Practical Intelligence

The ability to solve everyday problems by utilizing knowledge gained from experience in order to effectively deal with tasks and challenges.

Fluid Intelligence

The capacity to reason quickly and to think abstractly, often considered independent of learning, experience, and education.

Multiple Intelligences

describes a theory by Howard Gardner that suggests human intelligence is comprised of many distinct types, including logical-mathematical, linguistic, musical, spatial, bodily-kinesthetic, interpersonal, intrapersonal, and naturalist intelligences.

Bodily Kinesthetic

Refers to the ability to coordinate body movements and handle objects skillfully, often associated with physical intelligence.