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.