A company's December 31 work sheet for the current period appears below. Based on the...
90.2K
Verified Solution
Link Copied!
Question
Accounting
A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period?
| Unadjusted Trial Balance | Adjustments | ||||||
| Debit | Credit | Debit | Credit | ||||
| Cash | 2,125 | ||||||
| Accounts receivable | 1,150 | 1,025 | |||||
| Prepaid insurance | 1,750 | 800 | |||||
| Supplies | 480 | 265 | |||||
| Equipment | 8,470 | ||||||
| Accumulated depreciationequipment | 870 | 340 | |||||
| Accounts payable | 1,290 | ||||||
| Retained earnings | 10,010 | ||||||
| Dividends | 1,200 | ||||||
| Fees earned | 7,400 | 1,025 | |||||
| Rent expense | 1,450 | ||||||
| Salaries expense | 2,450 | ||||||
| Utilities expense | 495 | ||||||
| Insurance expense | 800 | ||||||
| Supplies expense | 265 | ||||||
| Depreciation expenseequipment | 340 | ||||||
| Totals | 19,570 | 19,570 | 2,430 | 2,430 | |||
Multiple Choice
-
$1,600.
-
$1,940.
-
$3,005.
-
$4,030.
-
$2,625.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.