The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Accumulated...
The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet:
| Accumulated Depreciation | $ 2,962 |
| Fees Earned | 16,349 |
| Depreciation Expense | 882 |
| Insurance Expense | 585 |
| Prepaid Insurance | 4,272 |
| Supplies | 1,000 |
| Supplies Expense | 3,423 |
Net income for the period is
a.$3,225
b.$4,890
c.$8,497
d.$11,459
Homework Answers
| Net Income for the Period |
| Net Income = Fee earned - Depreciation expenses - Insurance expenses - Supplies expenses |
| Net Income = $16,349 - $882 - $585 - $3,423 |
| Net Income = $11,459 |
| Hence, the Net Income for the Period will be (d). $11,459 |
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