On a Worksheet, the Balance Sheet Debit Column Total Is

question 95

Multiple Choice

On a worksheet, the balance sheet debit column total is $1,000 and the credit column total is $2,200. Which of the following statements is correct?

• A) The company had a net income of $1,200.
• B) The company had a loss of $1,200.
• C) The company's expenses were greater than revenues.
• D) There is a $1,200 error.

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Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good and the amount of it that producers are willing and able to sell at various prices.

Consumer Surplus

The difference in the total amount consumers are capable of paying for a good or service versus what they really pay.

Producer Surplus

The divergence between what producers expect to get for a good or service and the actual compensation they receive.

Deadweight Loss

The loss of economic efficiency when the equilibrium outcome is not achievable or not achieved in a market.