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Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1: Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year

Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1:

Novelty Toys, Incorporated
Adjusted Trial Balance
December 31, Year 1
Debit Credit
Cash $ 15,800
Accounts Receivable 12,900
Office Equipment 23,100
Accumulated Depreciation $ 6,300
Accounts Payable 7,900
Capital Stock 22,800
Retained Earnings -0-
Dividends 7,800
Fees Earned 47,000
Salaries Expense 16,600
Advertising Expense 3,400
Depreciation Expense 4,400
Totals $ 84,000 $ 84,000

Net income for the period equals:

Multiple Choice

  • $14,800.

  • $24,400.

  • $47,000.

  • $22,600.

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