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

question 175

Multiple Choice

After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $38,755 and $32,735, respectively. What is the amount of net income or net loss for the period?

• A) $6,020 net income
• B) $38,755 net loss
• C) $6,020 net loss
• D) $32,735 net income

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Definitions:

Massachusetts

A state in the northeastern United States, one of the original 13 colonies, known for its significant historical events, higher education institutions, and technological innovation.

Indian Tribes

Socially, culturally, and politically distinct groups recognized by the United States as sovereign entities with various rights and responsibilities.

English Freedom

A historical concept indicating the perceived liberties and rights enjoyed under English law, often contrasted with other regimes.