How would I determine January's net income? ### Unadjusted Trial Balance**Date:** January 31, 2019This trial balance lists the debits and credits for each account in a double-entry accounting system. It ensures that total debits equal total credits.| Account | Debit | Credit ||----------------------------|--------|---------|| Cash | 41,200 | || Supplies | 1,800 | || Accounts Payable | | 1,450 || Sharon Matthews, Capital | | 40,000 || Sharon Matthews, Drawing | 2,000 | || Fees Earned | | 18,250 || Rent Expense | 6,000 | || Office Salaries Expense | 5,000 | || Automobile Expense | 1,880 | || Supplies Expense | 1,400 | || Miscellaneous Expense | 420 | || **Total** | 59,700 | 59,700 |### Explanation:- **Cash:** Represents money on hand, debited.- **Supplies:** Items used for operations, debited.- **Accounts Payable:** Outstanding debts, credited.- **Sharon Matthews, Capital:** Owner's equity, credited.- **Sharon Matthews, Drawing:** Withdrawals by the owner, debited.- **Fees Earned:** Revenue from services provided, credited.- **Expenses (Rent, Salaries, Automobile, Supplies, Miscellaneous):** Costs incurred, all debited.### Additional Information:- There are three options listed underneath the table, likely for an exercise or question (4): - a. $18,250 - b. $14,700 - c. $3,550- An empty input box, possibly for another question or calculation (5).This trial balance is balanced with equal totals of $59,700 for both debits and credits, indicating that the books are in balance for this accounting period.

An income statement is a financial statement used for reporting the financial performance of the…

Answered: How would I determine January's net…

How would I determine January's net income?

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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