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

question 125

Multiple Choice

After all of the account balances have been extended to the Income Statement columns of the end-of-period spreadsheet, 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 net income
• B) $6,400 net loss
• C) $83,900 net income
• D) $77,500 net loss

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Definitions:

Marketing Strategy

A comprehensive plan formulated by a business to achieve its marketing objectives, usually involving methods to target and retain customers.

Business Unit

A segment of a larger company, operating within a specific market or sector, that has its own objectives, strategies, and often, financial accountability.

Corporate-Level

Pertaining to decisions, strategies, and processes that affect the entire organization, as opposed to those affecting only individual departments or regions.

Functional

Relating to the practical or useful aspects of something, especially its use or purpose.