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

question 97

Multiple Choice

After all of the account balances have been extended to the Balance Sheet columns of the end-of-period spreadsheet, the totals of the debit and credit columns show debits of $37,686 and credits of $41,101. This indicates that

• A) neither net income or loss can be calculated because it is found on the income statement
• B) the company has a net loss of $3,415 for the period
• C) the company has a net income of $3,415 for the period
• D) the amounts are out of balance and need to be corrected

---

Definitions:

Parallel

Refers to lines or paths that remain the same distance apart over their entire length, never intersecting, or in electronics, to components connected side-by-side, allowing current to divide among paths.

Ladder Diagram

A graphical representation of an electrical control circuit, laid out in a form resembling a ladder.

Pushbutton

A simple switch mechanism for controlling some aspect of a machine or a process, typically operated by pressing a button.

Three-Wire

Refers to an electrical circuit or cable that consists of three conductors, which can be used in various applications including power supply and control circuits.