Given the Following Adjusted Tabular Summary Amounts Net Income for the Year Is:
A)$198

question 181

Multiple Choice

Given the following adjusted tabular summary amounts: $\begin{array} { l r } \text { Cash } & \$ 1,662 \\\text { Accounts receivable } & 2,098 \\\text { Inventory } & 3,124 \\\text { Prepaid rent } & 86 \\\text { Equipment } & 300 \\\text { Accumulated depreciation-equipment } & 52 \\\text { Accounts payable } & 82 \\\text { Unearned service revenue } & 122 \\\text { Common stock } & 206 \\\text { Retained earnings } & 6,610 \\\text { Service revenue } & 368 \\\text { Interest revenue } & 56 \\\text { Salaries and wages expense } & 160 \\\text { Travel expense } & 66\end{array}$ Net income for the year is:

• A)$198.
• B)$370.
• C)$424.
• D)$596.

---

Definitions:

Hypothesis

An assumption or proposition made as a basis for reasoning or research, without any assumption of its truth.

Explanation

A statement about why or how something is the case.

Reliable

Describes something or someone that consistently performs well or can be trusted to be accurate.

Inconsistent

Lacking compatibility or uniformity; actions, beliefs, or statements that do not align or are contradictory.