The following is an excerpt from SouhCo\'s Nobember 30, 2011 work sheet. It show
ID: 2375449 • Letter: T
Question
The following is an excerpt from SouhCo's Nobember 30, 2011 work sheet. It shows the totals at the bottom of the last two sets of columns. You must identify and calculate the missing values.
Income Statement
Debit Credit
428 000 401 500
?????????? ??????????
_________ __________
428 000 428 000
Balance Sheet
STatment of changes in Equity
Debit Credit
341 000 367 500
????????? ????????
__________ ___________
367 500 367 500
a) is a net income or net Loss at then end of November 30 2011 and of how much?
Explanation / Answer
Income Statement Debit Credit 428 000 401 500 0000000 26500 _________ __________ 428 000 428 000 Balance Sheet STatment of changes in Equity Debit Credit 341 000 367 500 26 500 00000 __________ ___________ 367 500 367 500 SO net Loss at then end of November 30 2011 is 26500
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