The Income Statement Columns in the End-Of-Period Spreadsheet Show That

question 148

Multiple Choice

The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520. What does this information mean to the accountant?

• A) net income of $21,720
• B) net loss of $21,720
• C) the accounts are out of balance, indicating an error has been made
• D) the accounts have not been updated

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