Help Save &Exit Submit MC Qu. 269 A company\'s December... 9 A company\'s Decemb

Question

Help Save &Exit Submit MC Qu. 269 A company's December... 9 A company's December 31 work sheet for the current perlod appears below. Based on the Iinformation provided, what ls net income for the currert period? Trial Balance Adjustmente Cash Accounts receivable Prepaid in Supplies Equipment 1,105 430 4,900 310 280 200 surance 14,220 320 Accounts payable salaries payable 2,440 445 5,800 505 Retained Dividends Fees earned 11,780 2,950 505 430 10,140 Rent expense 2,800 3,400 475 445 Utilities expense Insurance Supplies expense Depreciation expense equipment Totals 280 200 320 30,160 30,160 2,180 2,180

Explanation / Answer

Net income=Feees earned-rent expense-salaries expense-utilities expense-insurance expense-supplies expense-depreciation exp
=(10140+505+430)-(3400+445)-(475)-280-200-320
=5955

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