Based on the information provided, what is net income for the current period Unadjusted TrialBalanceDebitAdjustmentsDebitCreditCreditCash975Accounts receivablePrepaid insuranceSuppliesEquipmentAccumulated depreciation-equipmentAccounts payableSalaries payable3003,6001501807010,3201901,140315Unearned revenue4,500375Owner, CapitalOwner, WithdrawalsServices revenue9,1801,6505,850375300Rent expense1,500Salaries expenseUtilities expense2,100315345Insurance expense150Supplies expenseDepreciation expense-equipment70190Totals20,67020,6701,4001,400 Multiple Choice$1,400.$1,855,$1,905.$2,060.$4,670.

Net Income is calculated by reducing the expenses from the Service Revenue.

Unadjusted Trial Balance Debit 975 Adjustments Credit Credit Debit Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Unearned revenue 300 3,600 150 180 70 10,320 190 1,140 315 4,500 375 Owner, Capital Owner, Withdrawals Services revenue 9,180 1,650 5,850 375 300 Rent expense Salaries expense Utilities expense Insurance expense 1,500 2,100 315 345 150 Supplies expense Pepreciation expense-equipment 70 190 ptals 20,670 20,670 1,400 1,400

Unadjusted Trial Balance Debit 975 Adjustments Credit Credit Debit Cash Accounts receivable Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Accounts payable Salaries payable Unearned revenue 300 3,600 150 180 70 10,320 190 1,140 315 4,500 375 Owner, Capital Owner, Withdrawals Services revenue 9,180 1,650 5,850 375 300 Rent expense Salaries expense Utilities expense Insurance expense 1,500 2,100 315 345 150 Supplies expense Pepreciation expense-equipment 70 190 ptals 20,670 20,670 1,400 1,400

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 39BE: ( Appendix 7A) Impairment Listed below is information related to three assets reported in the...

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