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

question 66

Multiple Choice

After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the debit and credit columns are $77,500 and $83,900, respectively. What is the amount of the net income or net loss for the period?

• A) $6,400 net income
• B) $6,400 net loss
• C) $83,900 net income
• D) $77,500 net loss

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Definitions:

Standing

Refers to the legal right of an individual or entity to initiate a lawsuit, predicated on having a sufficient connection to and harm from the law or action challenged.

Summary Judgment

A judicial decision made without a full trial, based on the premise that the material facts of the case are undisputed and require only a legal interpretation to resolve.

Motion for Judgment

A motion for judgment is a legal request asking the court to issue a judgment in the filer's favor before a full trial is conducted.

Preponderance of the Evidence

The standard of proof in most civil trials, requiring that the evidence presented by one side be more convincing than the evidence presented by the other side.