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 $37,875 and $32,735, respectively. What is the amount of net income or net loss for the period?
A) $5,140 net income
B) $37,875 net loss
C) $5,140 net loss
D) $32,735 net income

Question

Quizplus · Accepted Answer

The total of the debit columns is greater than the total of the credit columns, indicating a net income for the period. The difference between the two totals is $5,140, which is the amount of net income.

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