Damon Davis was preparing the work sheet for Drano Plumbing Company. He calculated the net income to

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Damon Davis was preparing the work sheet for Drano Plumbing Company. He calculated the net income to be \(\$ 50,000\). When he totaled the Balance Sheet columns, the column totals were debit, \(\$ 400,000\); and credit, \(\$ 300,000\). What was the probable cause of this difference? If this was not the cause, what should he do to find the error?

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Financial Accounting A Business Perspective

ISBN: 9780072289985

7th Edition

Authors: Roger H. Hermanson, James Don Edwards

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