The Income Statement Columns in the Worksheet Show That Debits

question 1

Multiple Choice

The income statement columns in the worksheet show that debits are equal to $55,800 and credits are $67,520. What does this information mean to the accountant?

• A) Net income of $11,720
• B) Net loss of $11,720
• C) The accounts are out of balance, indicating an error has been made.
• D) The accounts have not been updated.

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Definitions:

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