Use the following adjusted trial balance to answer the question below. The amount of net income (or net loss)during the period is
A)$182,000 net income.
B)$122,000 net loss.
C)$92,000 net income.
D)$52,000 net income.

Question

Use the following adjusted trial balance to answer the question below.  The amount of net income (or net loss)during the period is
A)$182,000 net income. 
B)$122,000 net loss. 
C)$92,000 net income. 
D)$52,000 net income.

Quizplus · Accepted Answer

To find the net income (or net loss), we need to subtract the total expenses from the total revenues. In this adjusted trial balance, the total revenues are $360,000 and the total expenses are $268,000. Subtracting the expenses from the revenues, we get $92,000 net income (360,000 - 268,000 = 92,000). Therefore, the correct answer is C.

Use the Following Adjusted Trial Balance to Answer the Question