On a worksheet the income statement debit column totals $10,200, and the credit

Question

On a worksheet the income statement debit column totals $10,200, and the credit column totals $10,000. Which of the following statements is correct A the company had a net loss of $200 B the company had a net income of $200 C the company’s revenues were greater than expenses D none of the above is correct On a worksheet the income statement debit column totals $10,200, and the credit column totals $10,000. Which of the following statements is correct A the company had a net loss of $200 B the company had a net income of $200 C the company’s revenues were greater than expenses D none of the above is correct A the company had a net loss of $200 B the company had a net income of $200 C the company’s revenues were greater than expenses D none of the above is correct

Explanation / Answer

Debit side of income statement represent expense and credit side represent income/sales. Therefore if debit is more then credit it results in net loss

Option A is correct.

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