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The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520. What does this information mean to
The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $55,800 and credits are $77,520. What does this information mean to the accountant?
| a. | net income of $21,720 |
| b. net loss of $21,720 | |
| c. the accounts are out of balance, indicating an error has been made | |
| d. the accounts have not been updated |
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