The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet:
Net income for the period is
A) $5,500
B) $11,900
C) $17,400
D) $8,700

Name: The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Net income for the period is A) $5,500 B) $11,900 C) $17,400 D) $8,700
Brand: Quizplus
Rating: 4.9 (31 reviews)

Question

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet:  
 Net income for the period is
A) $5,500 
B) $11,900 
C) $17,400 
D) $8,700

Quizplus · Accepted Answer

Net income = Fees earned - (Depreciation expense + Insurance expense + Supplies expense) = $17,400 - ($1,300 + $400 + $3,800) = $11,900

The Following Accounts Were Taken from the Adjusted Trial Balance