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The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation $  3,200 Fees Earned 17,400 Depreciation Expense 1,300 Insurance Expense 400 Prepaid Insurance 4,800 Supplies 900 Supplies Expense 3,800 Net income for the period is a.$17,400 b.$5,500 c.$8,700 d.$11,900

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation $  3,200 Fees Earned 17,400 Depreciation Expense 1,300 Insurance Expense 400 Prepaid Insurance 4,800 Supplies 900 Supplies Expense 3,800 Net income for the period is a.$17,400 b.$5,500 c.$8,700 d.$11,900

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:

Accumulated Depreciation $  3,200
Fees Earned 17,400
Depreciation Expense 1,300
Insurance Expense 400
Prepaid Insurance 4,800
Supplies 900
Supplies Expense 3,800

Net income for the period is
a.$17,400
b.$5,500
c.$8,700
d.$11,900
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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