Question: Multiple Choice Question 54 The income statement and balance sheet columns of Iron and Blossom Company's worksheet reflect the following totals: Income Statement Balance Sheet

Multiple Choice Question 54

The income statement and balance sheet columns of Iron and Blossom Company's worksheet reflect the following totals:

Income Statement Balance Sheet
Dr. Cr. Dr. Cr.
Totals $77400 $40200 $54000 $91200

The net income (or loss) for the period is

$40200 income.

$37200 income.

$37200 loss.

not determinable.

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