columns are $28,246 and $21,306, respectively. What is the amount of net income or net loss for the period?
columns are $28,246 and $21,306, respectively. What is the amount of net income or net loss for the period?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4
Transcribed Image Text: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 $28,246 and $21,306, respectively. What is the amount
of net income or net loss for the period?
a. $6,940 of net loss
b. $6,940 of net income
c. $21,306 of net income
O d. $28,246 of net loss
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