question 14 (5 points) ✓ saved after all of the account balances have been extended to the balance sheet…

question 14 (5 points) ✓ saved 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? $4,020 net income $36,755 net loss $4,020 net loss $32,735 net income

question 14 (5 points) ✓ saved 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? $4,020 net income $36,755 net loss $4,020 net loss $32,735 net income

Answer

Explanation:

Step1: Recall net - income formula

Net income = Total debits - Total credits (in balance - sheet context for this type of problem).

Step2: Substitute given values

Net income=$36755 - 32735$.

Step3: Calculate result

Net income = $4020$. Since total debits are greater than total credits, it is a net income.

Answer:

$4020$ net income