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 $72,920 and $90,040, respectively. What is the amount of the net income or net loss for the period?

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 $72,920 and $90,040, respectively. What is the amount of the net income or net loss for the period?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter4: Adjusting Entries And The Work Sheet

Section: Chapter Questions

Problem 4DQ

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Income statement is a statement which shows the performance of the corporation for the financial year. Net income is the result calculated from income statement.

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