After net income is entered on the work sheet, the Balance Sheet debit and credit columns mustGroup of answer choicesbe the same amount as the total amount of the Income Statement debit and credit columnsequal each otherbe the same amount as the total amount in the Adjusted Trial Balance debit and credit columnsnot be equal to each other and need not be the same total amounts as any other pair of columns on the work sheet

When a work sheet is complete, the adjustment columns should haveGroup of answer choicestotal credits greater than total debits if a net income was earnedtotal debits greater than total credits if a net loss was incurredtotal debits greater than total credits if a net income was earnedtotal debits equal total credits

23.  A debit column total greater than the credit column total under the Income Statement portion of the work sheet would mean:*The Income Summary account will have a credit balance after the nominal accounts are closed.b. Mistakes were made in the preparation of the adjusted trial balance.c. The company had a profitable year.d. The company had a loss this year.

Which of the statements below indicates that a company earned a net income for the period?Group of answer choicesThe sum of the credits exceeds the sum of the debits in the Balance Sheet columns on the work sheet.The sum of the credits exceeds the sum of the debits in the Income Statement columns on the work sheet.The sum of the debits exceeds the sum of the credits in the Income Statement columns on the work sheet.Cash inflows exceeded cash outflows.

After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $37,875 and $32,735, respectively. What is the amount of net income or net loss for the period?Group of answer choices$5,140 net income$37,875 net loss$5,140 net loss$32,735 net income

The income statement is prepared from:Group of answer choicesthe adjusted trial balance.the income statement columns of the work sheet.either the adjusted trial balance or the income statement columns of the work sheet.both the adjusted trial balance and the income statement columns of the work sheet.