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The income statement and balance sheet columns of Iron and Wine Company's worksheet reflect the following totals: Income Statement Balance Sheet Dr. Cr. Dr. Cr.

The income statement and balance sheet columns of Iron and Wine Company's worksheet reflect the following totals: Income Statement Balance Sheet Dr. Cr. Dr. Cr. Totals $72,000 $48,000 $60,000 $84,000

The net income (or loss) for the period is a. $48,000 income. b. $24,000 income. c. $24,000 loss. d. not determinable.

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