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ow Help v2.cengagenow.com CengageNOWv 2 I Online teaching and learning resource from Cengage Learning Calculator Which of the statements below indicates that a company earned a net income for the period? in the Income Statement columns on the end-of-period spreadsheet. The sum of the debits exceeds the sum of the credits of the credits exceeds the sum of the debits in the Balance Sheet columns on the end-of-perlod spreadsheet sum of the credits exceeds the sum of the debits in the Income Statement columns on the end-of-period spreadsheet Cash inflows exceed cash outfiows Previous All work saved 9

Explanation / Answer

As the income statement shows the net income for the period, it should be income statement which we have to see. Credit represents the incomes derived by the enetrprent while debits are all expenses. So for net income to be positive credits should be more than the debits i.e, income should be more than expenses. So answer will be third one(C) that--- the sum of credits excceds the sum of debits in income statement colours on the period of end of the spread sheet.

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