=+PE 4-2A Determining net income from the end-of-period spreadsheet (work sheet)

obj. 2 In the Balance Sheet columns of the end-of-period spreadsheet (work sheet) for Lancaster Consulting Co. for the current year, the Debit column total is $375,000 and the Credit column total is $505,200 before the amount for net income or net loss has been included.

In preparing the income statement from the end-of-period spreadsheet (work sheet),