Asked by Ysobelle Eustaquio on May 18, 2024
Verified
Determine the net income (loss) for the period.
A) net income $9,250
B) net loss $790
C) net loss $5,670
D) net income $3,580
Adjusted Trial Balance
An inventory of all accounts with their adjusted balances, utilized to compile financial statements.
Net Income
Net income refers to the total earnings or profit a company generates, calculated by subtracting all expenses, taxes, and costs from its total revenue.
- Determine net income or loss from an adjusted trial balance or list of transactions.
Verified Answer
HB
Hannah ByrumMay 19, 2024
Final Answer :
D
Explanation :
The net income for the period is calculated by subtracting the total expenses from the total revenues. In this case, total revenues are $62,800, and total expenses are $59,220. Therefore, the net income is $3,580 (option D).
Learning Objectives
- Determine net income or loss from an adjusted trial balance or list of transactions.
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