Problem:
Net income is $50,000. The debit column total for the Balance Sheet section of the Worksheet is $120,000 at the first rule.
Required:
What is the credit column total for the Balance Sheet section of the Worksheet at the first rule?
A Balance Sheet is ruled as follows. Select the correct answer.
a) Before a total
b) Only before Total Assets, Total Liabilities, and Total Liabilities and Owner Equity
c) Only when totaling the sub-subtotal column
d) Only when totaling the subtotal column
Note: Provide support for your rationale.