Question

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 perto 24 955 Unadjusted Trial Balance Adjustments Debit Credit Debit Credit 2,055 1,ese 1,680 730 410 195 8,400 270 1,220 9,590 Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation equipment Accounts payable Owner, Capital Owner, withdrawals Fees carned Rent expense Salaries expense Utilities expense Insurance expense Supplies expense Depreciation expense equipment Totals 1,130 7,330 955 1,380 2,388 425 730 195 270 2,150 18,948 18,948 2,15e Multiple Choice 52145 SA100 $4250 O $2005

Answer 1

Correct answer---------$2,905

Working

Income Statement
Fees earned	$      8,285
Less: Expenses
Rent expense	$      1,380
Salaries expense	$      2,380
Utilities expense	$         425
Insurance expense	$         730
Supplies expense	$         195
Depreciation expense	$         270
Total expenses	$      5,380
Net income	$      2,905