Question

The end-of-period spreadsheet (work sheet) for the current year for Jamal Company shows Balance Sheet columns with a debit total of $570,210 and a credit total of $506,590. This is before the amount for net income or net loss has been included. In preparing the income statement from the end-of-period spreadsheet, what is the amount of net income or net loss?

Answer 1

Answer:

$63,620

Explanation:

Calculation to determine the amount of net income or net loss

Using this formula

Net income = Total debit - Total credit

Let plug in the formula

Net income=$570,210 -$506,590

Net income=$63,620

Therefore the amount of net income is $63,620