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A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period?
A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period?
Unadjusted Trial Balance | Adjustments | ||||||
Debit | Credit | Debit | Credit | ||||
Cash | 1,975 | ||||||
Accounts receivable | 1,000 | 875 | |||||
Prepaid insurance | 1,600 | 650 | |||||
Supplies | 330 | 115 | |||||
Equipment | 8,320 | ||||||
Accumulated depreciationequipment | 720 | 190 | |||||
Accounts payable | 1,140 | ||||||
Retained earnings | 9,110 | ||||||
Dividends | 1,050 | ||||||
Fees earned | 7,250 | 875 | |||||
Rent expense | 1,300 | ||||||
Salaries expense | 2,300 | ||||||
Utilities expense | 345 | ||||||
Insurance expense | 650 | ||||||
Supplies expense | 115 | ||||||
Depreciation expenseequipment | 190 | ||||||
Totals | 18,220 | 18,220 | 1,830 | 1,830 | |||
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