The difference between a company's gross profit on sales and total operating expenses is A Profit B) Net sales Income summary Income from operations E) Net loss The total amount of depreciation recorded for an asset during the entire time the asset has been owned A) Is shown on the income statement B Is shown on the statement of changes in equity C Is recorded in a liability account Is referred to as accumulated depreciation Is not shown on the balance sheet A trial balance prepared after adjustments have been recorded is called a(n) (A) Summary trial balance (B) Balance sheet Unadjusted trial balance D) Adjusted trial balance E) Income statement A trial balance prepared after the adjusting and closing entries have been posted, and which is the final step in the accounting cycle. is a(n) A Post-closing trial balance B) Work sheet Adjusted trial balance Unadjusted trial balance Book of final entry The Income Summary account is a(n) (A) Balance Sheet account B) Permanent account C Income Statement account D) Temporary account E Both Income Statement and Balance Sheet accounts