C. Income Statement

Use the following information in the adjusted trial balance for Beck Company to answer questions 46-50.

Beck Company
Adjusted Trial Balance
For the Year ended December 31, 2016
Cash	$ 5,050
Accounts Receivable	1,500
Prepaid Expenses	550
Equipment	12,000
Accumulated Depreciation		$ 5,000
Accounts Payable		3,000
Notes Payable		3,500
Herb Jensen, Capital		8,700
Herb Jensen, Drawing	2,000
Fees Earned		7,000
Wages Expense	3,000
Rent Expense	2,000
Utilities Expense	800
Depreciation Expense	250
Miscellaneous Expense	50
Totals	$27,200	$27,200

46. Determine the net income (loss) for the period.

a. Net Income $7,000

b. Net Loss $900

c. Net Loss $6,100

d. Net Income $900

47. Determine total assets.

a. $19,100

b. $15,330

c. $14,100

d. $27,200

48. The book value of equipment equals:

a. $12,000

b. $7,000

c. $19,000

d. None of the above

49. Determine the total liabilities for the period.

a. $11,500

b. $6,500

c. $15,200

d. $27,200

50. Determine the owners equity ending balance for the period, AFTER CLOSING ENTRIES

a. $7,600

b. $9,600

c. $5,700

d. $6,000