Shown below is a trial balance for Cornell Products, Inc., on December 31, after adjusting entries

cornell products

trial balance

December 31.2011

Cash 15,500

Accounts receivable 12,750

office equipment 22,500

Accummulated depreciation 6,000

accounts payable 7,750

capital stock 22,500

retained earnings ****

dividends 7,500

service fees earned 45,500

salaries expense 16,000

advertising expense 3,250

depreciation expense 4,250

81,750 81,750

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

a.$11,600.

b.$22,500.

c.$36,750.

d.$22,000.

Refer to the information above. After closing the accounts, Retained earnings at December 31 equals:

a.$22,500.

b.$14,500.

c.$22,000.

d.zero.

Refer to the information above. The total debits in the After-Closing Trial Balance will equal:

a.$58,250.

b.$31,000.

c.$23,500.

d.$50,750.