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

question 42

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 are $36,755 and $32,735, respectively. What is the amount of net income or net loss for the period?

• A) $4,020 net income
• B) $36,755 net loss
• C) $4,020 net loss
• D) $32,735 net income

---

Definitions:

Molding Department

A specialized division within a manufacturing facility where the shaping and forming of products through molding processes take place.

Weighted-Average Method

A costing method that averages the costs of all units, both in progress and completed, over the period to determine the cost per unit.

Forming Department

A division within a manufacturing process where raw materials begin their transformation into finished products, typically through shaping or molding.

Materials Cost

The total expense of materials used in the production of a product, including direct materials and any additional materials necessary for production.