On a worksheet, the income statement debit column totals $9,800 and the credit column totals $10,000. Which of the following statements is CORRECT?
A) The company had a net loss of $200.
B) The company had a net income of $200.
C) The company's revenues were greater than expenses.
D) None of the above are correct.

Question

Quizplus · Accepted Answer

The credit column typically represents revenues, and the debit column represents expenses in the context of an income statement. Since the credit column (revenues) exceeds the debit column (expenses) by $200, it indicates the company had a net income of $200.

On a Worksheet, the Income Statement Debit Column Totals $9,800