Given the Trial Balance Amounts Below,compute Net Income

question 165

Multiple Choice

Given the trial balance amounts below,compute net income.
Common stock…….$120,000 Accounts payable…...$25,000
Cash………………..$116,640 Accounts receivable..$22,450
Supplies………........$ 1,500 Office equipment…...$23,300
Prepaid rent……….$ 3,200 Unearned revenue….$ 4,152
Service revenue…...$ 20,000 Utilities expense…....$ 422
Beginning Shaving equipment… $31,640
Retained earnings.$ 30,000

• A) $19,578
• B) $20,528
• C) $23,728
• D) $49,578
• E) $24,578

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Definitions:

Equation

A mathematical statement that asserts the equality of two expressions, usually denoted by the symbol '='.

Monthly Income

The total amount of income or earnings generated by an individual, household, or entity within a month, including all sources.

Hot Dog

A cooked sausage, traditionally grilled or steamed and served in a sliced bun as a sandwich.

Price

The financial sum necessary to obtain a good, service, or property.