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Elza [17]
3 years ago
13

After all of the account balances have been extended to the Income Statement columns of the end-of-period spreadsheet, the total

s of the Debit and Credit columns are $77,500 and $83,900, respectively. What is the amount of the net income or net loss for the period?
Mathematics
1 answer:
Lana71 [14]3 years ago
6 0

Answer:

Net income = $6400

Step-by-step explanation:

As per the question,

Total debit columns after all of the account balances have been extended to the Income Statement columns of the end-of-period spreadsheet is given,

Total debit =  $77,500

Total credit columns after all of the account balances have been extended to the Income Statement columns of the end-of-period spreadsheet is given,

Total credit = $83,900

The amount of the net income or net loss for the period is given by

= Total credit - Total debit

= $83,900 - $77,500

= $6400

As the outcome is positive, it implies net income.

Hence, the required net income for the period = $6400

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