The trial balance of a XYZ Company, on the 31st of December 2019, after adjusting entries are made, is presented to you below:XYZ Co.Trial BalanceDecember 31, 2019Cash $ 15500 Accounts Receivable $ 12750 Office Equipment $ 22500 Accumulated Depreciation $ 6000Accounts Payable $ 7750Capital Stock $ 22500Retained Earnings $ 0Dividends $ 7500 Service Fees Earned $ 45500Salaries Expense $ 16000 Advertising Expense $ 3250 Depreciation Expense $ 4250 $81,750$81,750Based on the information given to you above, the Net Income of the company for the period is equal to:

Net income of the company is the sales revenue less expenses incurred during the year.

Answered: The trial balance of a XYZ Company, on…

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 trial balance of a XYZ Company, on the 31st of December 2019, after adjusting entries are made, is presented to you below:

XYZ Co.
Trial Balance
December 31, 2019
Cash	$ 15500
Accounts Receivable	$ 12750
Office Equipment	$ 22500
Accumulated Depreciation		$ 6000
Accounts Payable		$ 7750
Capital Stock		$ 22500
Retained Earnings		$ 0
Dividends	$ 7500
Service Fees Earned		$ 45500
Salaries Expense	$ 16000
Advertising Expense	$ 3250
Depreciation Expense	$ 4250
	$81,750	$81,750

Based on the information given to you above, the Net Income of the company for the period is equal to:

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