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.

Which situation indicates a net loss on the income statement?*a. Total debits exceed total creditsb. total debits equal total creditsc. total credits exceed total debitsd. none of these.

The Net Income on the Cash Flow Statement should match the bottom line on the _________, and the Cash at end of the period should match Cash on the _________.1 pointIncome Statement, Balance SheetSales Report, Balance SheetProfit and Loss, Statement of EquityBalance Sheet, Profit and Loss

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

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

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.