On a work sheet, the amount entered in the Credit column of the Balance Sheet to balance the debits and credits is $56,000. This represents
A) an error of $28,000 in balancing the accounts.
B) a net income of $56,000.
C) a net loss of $56,000.
D) accumulated depreciation and other expenses.

Question

Quizplus · Accepted Answer

The amount in the Credit column of the Balance Sheet that balances the debits and credits typically represents net income.

On a Work Sheet, the Amount Entered in the Credit