Multiple Choice Question 219 Given the following adjusted trial balance DebitCre

Question

Multiple Choice Question 219 Given the following adjusted trial balance DebitCredit Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation-equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue Interest revenue Salaries and wages expense Travel expense 1624 160 $27 43 110 3435 191 Total $3898 $3898 Net income for the year is $312 $106 $166 $220 Click if you would like to Show Work for this question By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor

Explanation / Answer

Net income=Service revenue+Interest revenue-Salaries and wage expenses-Travel expenses

which is equal to

=(191+29-80-34)

=$106.

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