The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:? $$\begin{array} { l r }
\text { Accumulated Depreciation } & \$ 3,200 \
\text { Fees Earned } & 17,400 \
\text { Depreciation Expense } & 1,300 \
\text { Insurance Expense } & 400 \
\text { Prepaid Insurance } & 4,800 \
\text { Supplies } & 900 \
\text { Supplies Expense } & 3,800
\end{array}$$ Net income for the period is
A) $5,500
B) $11,900
C) $17,400
D) $8,700

Question

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:? $$\begin{array} { l r } 
\text { Accumulated Depreciation } & \$ 3,200 \
\text { Fees Earned } & 17,400 \
\text { Depreciation Expense } & 1,300 \
\text { Insurance Expense } & 400 \
\text { Prepaid Insurance } & 4,800 \
\text { Supplies } & 900 \
\text { Supplies Expense } & 3,800
\end{array}$$ Net income for the period is
A) $5,500
B) $11,900
C) $17,400
D) $8,700

Quizplus · Accepted Answer

Net income can be determined by taking the credit balance of the Income Summary account, which is $11,900 in this case.

The Following Accounts Were Taken from the Adjusted Trial Balance