Question

The Income Statement columns in the end-of-period spreadsheet show that debits are equal to $29,264 and credits are $63,411. What does this information mean to the accountant

Answer 1

Net income of $34,147

Step-by-step explanation:

Given that

the debits are $29,264

And, the credits are $63,411

We need to find out from the above information that what means to the accountant

As we know that the expenses comes in debit side and the revenues comes in credit side

So here revenue is more than the expenses

SO, there is the net income of

= $63,411 - $29,264

= $34,147