Question

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Accumulated Depreciation $ 3,200 Fees Earned 17,400 Depreciation Expense 1,300 Insurance Expense 400 Prepaid Insurance 4,800 Supplies 900 Supplies Expense 3,800 Net income for the period is _________.A. $3,200 B. $12,100 C. $17,400D. $8,900

Answer 1

all the given figures are wrong but i explained the correct procedure.

Step-by-step explanation:

INCOME STATEMENT

Fees earned 17400

Expenses:

Depreciation expense 1300

Insurance expense 400

Supplies expense 3800 5500

Net Income 11900

Therefore, The Net income for the period is $11900.