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12 November, 10:53

Given the following adjusted trial balance: Debit Credit

Cash $1762

Accounts receivable 2224

Inventory 3311

Prepaid rent 91

Equipment 320

Accumulated depreciation-equipment

$55

Accounts payable 87

Unearned service revenue

129

Common stock 218

Retained earnings 7010

Service revenue 390

Interest revenue 59

Salaries and wages expense

170

Travel expense 70

Total $7948

Net income for the year is

+1
Answers (1)
  1. 12 November, 13:45
    0
    The net income for the year is $209

    Explanation:

    Net income: It the income which is left after paying all the expenses.

    In the simplest form,

    The net income = Total revenue - total expenditure

    So, the net income would equal to

    = Service revenue + interest revenue - Salaries and wages expense - Travel expense

    = $390 + $59 - $170 - $70

    = $209

    All other items which are presented in the question are related to the balance sheet so these all items would not be considered in the computation part.
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Home » Business » Given the following adjusted trial balance: Debit Credit Cash $1762 Accounts receivable 2224 Inventory 3311 Prepaid rent 91 Equipment 320 Accumulated depreciation-equipment $55 Accounts payable 87 Unearned service revenue 129 Common stock 218
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