| CHAPTER 7 | WORKSHEET AND FINANCIAL STATEMENTS. After all of the account balances have been extended to the income statementcolumns of the worksheet, the totals of the debit and credit columns areP72,300 and P76,900, respectively. It can be concluded the company has a:net loss of P4,600b. net income of P4,600net income of P149,200d. net loss of P149,200а.С.22. The net income or loss for the period is placed on the worksheet to balancewhich sets of columns:a.the adjusted trial balance and the income statement columnsb. the income statement and the balance sheet columnsthe balance sheet and the adjusted trial balance columnsd. the unadjusted trial balance and the adjusted trial balance columnsс.23. Given the following totals for the financial statement columns on theworksheet, determine the net income or loss for the period:Income StatementBalance SheetDebitCreditDebitCreditP6,800Р9,500P7,400P4,700a. P4,700 net incomeb. P2,700 net incomeC. P2,700 net lossd. P6,800 net loss24. Given the following totals of the financial statements columns of theworksheet, determine the net income or loss for the period:Income StatementBalance SheetDebitCreditDebit CreditP8,500P6,750 P4,300 P6,050a. P8,500 net lossb. P1,750 net incomeC. P4,300 net incomed. P1,750 net loss

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| CHAPTER 7 | WORKSHEET AND FINANCIAL STATEMENTS . After all of the account balances have been extended to the income statement columns of the worksheet, the totals of the debit and credit columns are P72,300 and P76,900, respectively. It can be concluded the company has a: net loss of P4,600 b. net income of P4,600 net income of P149,200 d. net loss of P149,200 a. с.

| CHAPTER 7 | WORKSHEET AND FINANCIAL STATEMENTS . After all of the account balances have been extended to the income statement columns of the worksheet, the totals of the debit and credit columns are P72,300 and P76,900, respectively. It can be concluded the company has a: net loss of P4,600 b. net income of P4,600 net income of P149,200 d. net loss of P149,200 a. с.

Accounting (Text Only)

26th Edition

ISBN:9781285743615

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 6.5APR: Multiple-step income statement and report form of balance sheet The following selected accounts and...

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