The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Net income for the period is
A) $1,400
B) $9,400
C) $14,700
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) $1,400 
B) $9,400 
C) $14,700 
D) $8,900

Quizplus · Accepted Answer

To find the net income, we need to subtract the total expenses from the total revenue. From the adjusted trial balance, we can see that the total revenue is $16,300 (the sum of all debit balances in the income statement accounts), and the total expenses are $6,900 (the sum of all credit balances in the income statement accounts). Therefore, net income is $16,300 - $6,900 = $9,400.

The Following Accounts Were Taken from the Adjusted Trial Balance