current period appears below Based on the information provided, what is net inco
ID: 2407240 • Letter: C
Question
current period appears below Based on the information provided, what is net income for the current period? justed Trial Balance Adjustments Debit Credit Debit Credit 1,885 Cash 41 Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Unearned fees Retained earnings Dividends Fees earned 260 180 4,700 290 13,620 2,240 425 5,600 485 11,380 2,750 485 410 9,480 2,600 3,208 455 Rent expense 425 Salaries expense Utilities expense Insurance expense Supplies expense Depreciation expense-equipment Totals 260 180 28,700 28,700 2,060 2,060
Explanation / Answer
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income statement Debit Credit Debit Credit Debit Credit Debit Credit Cash 1,085 1,085 Accounts receivable 410 410 Prepaid insurance 4,700 260 4,440 Supplies 290 180 110 Equipment 13,620 13,620 Accumulated depreciatiorv-equipaent 300 300 Accounts payable 2,240 2,240 Salaries payable 425 425 Unearned fees 5,600 485 5,115 Retained earnings 11,380 11,380 Dividends 2,750 2,750 Fees earned 9,480 485 10,375 10,375 410 Rent expense 2,600 2,600 2,600 Salaries expense 3,200 425 3,625 3,625 Utilities expense 455 455 455 Insurance expense 260 260 260 Supplies expense 180 180 180 Depreciation expense-eauipment 300 300 300 Totals 28,700 28,700 2,060 2,060 29,835 29,835 7,420 10,375 Net Income 2,955 10,375 10,375
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