The following items appeared on a company's December 31 work sheet for the current period. Based on the following information, what is the net income for the current period?
A) $1,400.
B) $1,855.
C) $1,905.
D) $2,060.
E) $4,670.

Question

The following items appeared on a company's December 31 work sheet for the current period. Based on the following information, what is the net income for the current period? 
A) $1,400. 
B) $1,855. 
C) $1,905. 
D) $2,060. 
E) $4,670.

Quizplus · Accepted Answer

To calculate the net income for the current period, we need to look at the income statement accounts listed on the work sheet.

The total amount in the Debit column of the Income Statement section is $32,700, and the total amount in the Credit column is $30,845, giving us a net income of $1,855 (Debit - Credit = Net Income).

Therefore, the best choice is B.

The Following Items Appeared on a Company's December 31 Work