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Financial Accounting

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Moderate

Income Statement: Net Income

FINACT-4NC1YX

Spandex Limited provides the following adjusted trial balance information at year-end:

Account Titles Adjusted Trial Balance
Debits Credits
Cash \$ 13,800
Accounts Receivable 92,600
Accounts Payable \$ 4,500
Unearned Revenue 4,800
Common Stock 38,500
Retained Earnings 36,000
Fees Revenue 39,600
Dividend Revenue 2,350
Salaries Expense 9,000
Rent Expense 3,350
Depreciation Expense 5,000
Income Tax Expense 1,200
Interest Expense 800
Totals \$125,750 \$125,750


Using the multi-step Income Statement format, how much is Net Income for the year?

A

\$22,250

B

\$27,400

C

\$22,600

D

\$17,350