On a Worksheet, the Income Statement Debit Column Totals $11,000

question 59

Multiple Choice

On a worksheet, the income statement debit column totals $11,000 and the credit column totals $9,500 following statements is correct?

• A) The company had a net loss of $1,500.
• B) The company had a net income of $1,500.
• C) The company's revenues were greater than expenses.
• D) None of the above is correct.

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Definitions:

Mutual Funds

Mutual Funds are investment vehicles that pool money from multiple investors to purchase diversified portfolios of stocks, bonds, or other securities.

Expense Ratio

A measure reflecting the annual cost of investing in a mutual fund or ETF, expressed as a percentage of assets under management.

12b-1 Fee

A fee charged by some mutual funds to cover promotion, distribution, and marketing expenses.

Bank CD

A Certificate of Deposit, a savings certificate with a fixed maturity date and specified fixed interest rate, offered by banks.