Refer to the information above. Net income for the period equals:

a.$22,500.

b.$11,600. c.$22,000 d.$36,750. Refer to the information above. After closing the accounts, Retained earnings at December 31 equals: a.0 b.$14,500. c. $22,000. d.$22,500. Refer to the information above. The total debits in the After-Closing Trial Balance will equal: a.$31,000. b.$23,500. c.$50,750. d.$58,250.

Cornell Products, Inc. Trial Balance December 31, 2011 Cash $15,500 Accounts receivable 12.750 Office equipment 22.500 Accumulated depreciation $6,000 Accounts payable 7.750 Capital Stock 22,500 Retained earnings -0- Dividends 7.500 Service fees earned 45.500 Salaries expense 16.000 Advertising expense 3.250 Depreciation expense 4.250 $81,750 $81,75 2