After Net Income Is Entered on the Work Sheet, the Balance

question 50

Multiple Choice

After net income is entered on the work sheet, the Balance Sheet debit and credit columns must

• A) be the same amount as the total amount of the Income Statement debit and credit columns
• B) equal each other
• C) be the same amount as the total amount in the Adjusted Trial Balance debit and credit columns
• D) not be equal to each other and need not be the same total amounts as any other pair of columns on the work sheet

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Definitions:

Medical Supplies

Medical supplies encompass a wide range of products used in healthcare settings, including surgical instruments, diagnostic devices, and items used for patient care.

Administrative Expenses

Expenses that are not directly tied to a specific business activity but are necessary for the overall operation of a company; these may include salaries of administrative personnel, rent, and utilities.

Net Operating Income

A company's total income from operations, excluding expenses and taxes.

Facility Expenses

Costs related to the physical space where business operations occur, such as rent, utilities, and maintenance.