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

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