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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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

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Step 1: Introduce to income statement

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