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Given the following adjusted trial balance amounts, what is the net income for the year? Debit balances Cash$10,000; Accounts receivable$4,000; Short-term investments$10,000; Prepaid rent$700; Property,
Given the following adjusted trial balance amounts, what is the net income for the year? Debit balances Cash$10,000; Accounts receivable$4,000; Short-term investments$10,000; Prepaid rent$700; Property, plant, & equipment$20,000; Salary expense$6,000; Depreciation expense$2,000; Rent expense$3,500 Credit balances Accumulated depreciation$6,000; Accounts payable$2,600; Unearned revenue$3,000; Common stock$8,000; Retained earnings$12,000; Service revenue$24,000; Interest revenue$600.
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