After all of the account balances have been extended to the balance sheet columns of the end-of-period spreadsheet, the totals of the debit and credit columns are $36,755 and $32,735, respectively. what is the amount of net income or net loss for the period?

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Business

Lilianna Leach

1 March, 23:17

After all of the account balances have been extended to the balance sheet columns of the end-of-period spreadsheet, the totals of the debit and credit columns are $36,755 and $32,735, respectively. what is the amount of net income or net loss for the period?

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Wade · Answer 1

The amount of net income will be;

$ 36,755 - $ 32,735 = $4020.

The balance sheet is the financial statement that summarizes the value of an entity's resources and the claims on those resources at any given time.

The balance sheet does not contain any of the same accounts as the income statement, however, it summarizes the income statement on one line called the Net income, that is inserted at the end of the Equity section of each Balance sheet. The net income entry completes the accounting equation for the balance sheet; Assets = liabilities + Total Equity.