Assume the balances of all income and expense amounts (except income tax expense) have been extended to the Income Statement section of the worksheet and the Debit and Credit columns of the Income Statement section have been totaled. Identify the term used to describe the difference between the Debit and Credit columns in the Income Statement section of the worksheet. 

a) Net income Income tax expense 

b) Income or loss before income taxes 

c) Deferred income taxes 

d) Total stockholders' equity

Answer rating: 100% (QA)

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