The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Net income for the period is
A) $3,200
B) $12,100
C) $17,400
D) $8,900

Question

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:  Net income for the period is
A) $3,200 
B) $12,100 
C) $17,400 
D) $8,900

Quizplus · Accepted Answer

Net income for the period is the difference between the total of the credit column of the Income Statement section and the total of the debit column of the same section. In this case, the total credit column is $30,800 and the total debit column is $18,700, so the net income for the period is $12,100.

The Following Accounts Were Taken from the Adjusted Trial Balance