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Prior to closing the books, the Rowlan Consulting Company has debits on the income statement that were $16,800 and the credits of $29,500; the debits on the balance sheet were $17,400 and the credits were $4,700. What should be reported as net income(loss) for the period? ($12,700) $0 $4,700 O ($4,700). $12,700

Prior to closing the books, the Rowlan Consulting Company has debits on the income statement that were $16,800 and the credits of $29,500; the debits on the balance sheet were $17,400 and the credits were $4,700. What should be reported as net income(loss) for the period? ($12,700) $0 $4,700 O ($4,700). $12,700

FINANCIAL ACCOUNTING
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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Prior to closing the books, the Rowlan Consulting Company has debits on the income statement that were $16,800 and the credits of $29,500; the debits on the balance sheet were $17,400 and the credits were $4,700. What should be reported as net income(loss) for the period? ($12,700) $0 $4,700 O ($4,700). $12,700
Transcribed Image Text:Prior to closing the books, the Rowlan Consulting Company has debits on the income statement that were $16,800 and the credits of $29,500; the debits on the balance sheet were $17,400 and the credits were $4,700. What should be reported as net income(loss) for the period? ($12,700) $0 $4,700 O ($4,700). $12,700
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