Which situation indicates a net loss on the income statement?*a. Total debits exceed total creditsb. total debits equal total creditsc. total credits exceed total debitsd. none of these.

Which of the statements below indicates that a company earned a net income for the period?Group of answer choicesThe sum of the credits exceeds the sum of the debits in the Balance Sheet columns on the work sheet.The sum of the credits exceeds the sum of the debits in the Income Statement columns on the work sheet.The sum of the debits exceeds the sum of the credits in the Income Statement columns on the work sheet.Cash inflows exceeded cash outflows.

when a net loss has occurred, Income summary is:*a. credited and owner’s drawing is debitedb. debited and owner’s drawing is creditedc. credited and owner’s capital is debitedd. debited and owner’s capital is credited

23.  A debit column total greater than the credit column total under the Income Statement portion of the work sheet would mean:*The Income Summary account will have a credit balance after the nominal accounts are closed.b. Mistakes were made in the preparation of the adjusted trial balance.c. The company had a profitable year.d. The company had a loss this year.

After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the debit and credit columns are $37,875 and $32,735, respectively. What is the amount of net income or net loss for the period?Group of answer choices$5,140 net income$37,875 net loss$5,140 net loss$32,735 net income

Net loss is closed to capital by debiting Income Summary and crediting capital account.Select one:TrueFalse