On a worksheet, the income statement debit column totals $11,000 and the credit column totals $9,500 following statements is correct?
A) The company had a net loss of $1,500.
B) The company had a net income of $1,500.
C) The company's revenues were greater than expenses.
D) None of the above is correct.

Question

Quizplus · Accepted Answer

The company had a net loss of $1,500 because the income statement debit column (expenses) exceeds the credit column (revenues) by $1,500, indicating expenses were higher than revenues.

On a Worksheet, the Income Statement Debit Column Totals $11,000