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

Refer to the information above. Net income for the period equals: A. $11,600. B. $22,000. C. $22,500. D. $36,750.

Refer to the information above. After closing the accounts, Retained earnings at December 31 equals: A. zero. 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. $23,500. B. $31,000. C. $50,750. D. $58,250.