Answer:
Net income = $6400
Step-by-step explanation:
As per the question,
Total debit columns after all of the account balances have been extended to the Income Statement columns of the end-of-period spreadsheet is given,
Total debit = $77,500
Total credit columns after all of the account balances have been extended to the Income Statement columns of the end-of-period spreadsheet is given,
Total credit = $83,900
The amount of the net income or net loss for the period is given by
= Total credit - Total debit
= $83,900 - $77,500
= $6400
As the outcome is positive, it implies net income.
Hence, the required net income for the period = $6400
