A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period? Cash Accounts Receivable Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Accounts payable Retained earnings Dividends Services revenue Rent expense Salaries expense Utilities expense Insurance expense Supplies expense Depreciation expense-equipment Totals Unadjusted Trial Balance Debit 2,035 1,060 1,660 390 8,380 1,110 1,360 2,360 405 18,760 Credit 780 1,200 9,470 7,310 18,760 Adjustments Debit Credit 935 710 175 250 935 710 175 250 2,070 2,070
A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period? Cash Accounts Receivable Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Accounts payable Retained earnings Dividends Services revenue Rent expense Salaries expense Utilities expense Insurance expense Supplies expense Depreciation expense-equipment Totals Unadjusted Trial Balance Debit 2,035 1,060 1,660 390 8,380 1,110 1,360 2,360 405 18,760 Credit 780 1,200 9,470 7,310 18,760 Adjustments Debit Credit 935 710 175 250 935 710 175 250 2,070 2,070
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period?
Cash
Accounts Receivable
Prepaid insurance
Supplies
Equipment
Accumulated depreciation-equipment
Accounts payable
Retained earnings
Dividends
Services revenue
Rent expense
Salaries expense
Utilities expense
Insurance expense
Supplies expense
Depreciation expense-equipment
Totals
Unadjusted Trial
Balance
Debit
2,035
1,060
1,660
390
8,380
1,110
1,360
2,360
405
18,760
Credit
780
1,200
9,470
7,310
Adjustments
Debit
935
710
175
250
18,760 2,070
Credit
710
175
250
935
2,070
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