QUESTION

19) After all of the account balances have been extended to the income statement columns of the work sheet, the totals

Category: Business
Subject: Accounting
Due Date: 01/27/2016
Question Asked: 2016-01-27 17:55:55

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19) After all of the account balances have been extended to the income statement columns of

the work sheet, the totals of the debit and credit columns are $50,000 and $40,000,

respectively. What is the amount of net income or net loss for the period?

A. $10,000 net income

B. $10,000 net loss

C. $50,000 net income

D. $90,000 net income

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Posted on 2016-01-27 17:55:55

User: LightspeedLearning
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earnings: $1.10
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Preview:

...t, the totals of the debit and credit columns are $50,000 and $40,00...

The full tutorial is about 60 words long.