The Income Statement and Statement of Financial Positions Columns of Reed

question 125

Multiple Choice

The income statement and statement of financial positions columns of Reed Company's worksheet reflect the following totals:
$\begin{array} { l }&\text { Income Statement }&&\text { Statement of financial position }\\&Dr&Cr&Dr&Cr\\ \text {Totals } &\$58,000&\$48,000&\$34,000&\$44,000\\\end{array}$
The net income (or loss) for the period is

• A) \( \$ 48,000 \) income.
• B) \( \$ 10,000 \) income.
• C) \( \$ 10,000 \) loss.
• D) not determinable.

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