Question

he income statement columns in the end-of-period spreadsheet show that debits are equal to $26,754 and credits are $68,142. what does this information mean to the accountant? a.net loss of $41,388 b.the accounts have not been updated c.net income of $41,388 d.the accounts are out of balance, indicating an error has been made

Answer 1

The information that the statement columns in the end-of-period spreadsheet mean to the accountant is the accounts have not been updated and a net income of $41,388. The correct option is b and c.

Who is an accountant?

An accountant is a person who manages and calculates the accounts or finance of a company, a firm, or a person. He calculates the capital of the person, manage taxes and give advice about the finance of the person.

Given that, debits are $26,754 and credits are $68,142. If we subtract the debit from the credit. We see a net income of $41,388.

Thus, the correct option is b. the accounts have not been updated. c, net income of $41,388.

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