When preparing a worksheet, the profit (or loss) for the period
A) is found by calculating the difference between the income statement credit column and the balance sheet credit column on the work sheet.
B) cannot be found on the work sheet.
C) is found by calculating the difference between the income statement column totals of the work sheet.
D) is found by calculating the difference between the trial balance totals and the adjusted trial balance totals.

Question

Quizplus · Accepted Answer

The profit (or loss) for the period is determined by calculating the difference between the totals of the debit and credit columns for the income statement section of the worksheet. This reflects the company's financial performance over the period, showing whether it has made a profit or incurred a loss.

When Preparing a Worksheet, the Profit (Or Loss) for the Period