Compute the Net Income for 2016 Based on the Following

question 140

Essay

Compute the net income for 2016 based on the following amounts presented on the adjusted trial balance of Fley Company. $\begin{array} { l r } \text { Accumulated Depreciation - Equip. } & \$ 25,000 \\\text { Depreciation Expense } & 14,000 \\\text { Salaries and Wages Expense } & 25,000 \\\text { Service Revenue } & 48,000 \\\text { Unearned Service Revenue } & 7,000\end{array}$

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Definitions:

Carbon Film

A type of resistor made by depositing a thin layer of carbon on an insulating substrate, known for stability and low noise.

Ceramic Rod

A type of non-metallic rod made from ceramic materials, often used for applications requiring high temperature resistance or electrical insulation.

Carbon

A chemical element, with symbol C, that is the basis of all known life on earth, capable of forming multiple stable covalent bonds.

Tolerance

The permissible limit of variation in a physical dimension or electrical component's performance, indicating the range within which the actual value is accepted to differ from the specified value.