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A company's December 31 work sheet for the current period appears below. Based on the...

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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.

Answer & Explanation Solved by verified expert
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