The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $29,696 and credits are $68,162. What does this information mean to the accountant?a.net loss of $38,466b.the accounts are out of balance, indicating an error has been madec.the accounts have not been updatedd.net income of $38,466

In the end-of-period spreadsheet, incomes are credited and expenses are debited in the income…

Answered: The Income Statement columns in the…

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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The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $29,696 and credits are $68,162. What does this information mean to the accountant?

a.net loss of $38,466

b.the accounts are out of balance, indicating an error has been made

c.the accounts have not been updated

d.net income of $38,466

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