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

question 39

Multiple Choice

After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $37,875 and $32,735, respectively. What is the amount of net income or net loss for the period?

• A) $5,140 net income
• B) $37,875 net loss
• C) $5,140 net loss
• D) $32,735 net income

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Definitions:

Frame-breaking Change

Significant transformations in an organization that dramatically alter its processes, culture, or structure.

Incremental Change

Gradual adjustments or improvements made over time to processes, policies, or products rather than large, radical shifts.

Radical Change

Significant and fundamental alterations in strategy, operations, or culture within an organization, often in response to external pressures.

Major Redirection

A significant change in strategy or focus, often requiring an organization or individual to adopt new approaches or paths.