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Question(s) / Instruction(s):

After totaling all of the columns in the work sheet, the Balance Sheet shows debits of $32,357 and the credits of $40,030. What does this indicate?

a)            The company recorded a net income of $7,673 

b)            Neither net income nor loss can be calculated because that is found on the income statement  

c)            The amounts are out of balance and need to be corrected          

d)            The company recorded a net loss of $7,673

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