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12 May, 02:39

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation $2,783 Fees Earned 14,403 Depreciation Expense 1,343 Insurance Expense 513 Prepaid Insurance 4,756 Supplies 1,238 Supplies Expense 3,322 Net income for the period is a.$19,581 b.$9,225 c.$6,442 d.$5,178

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  1. 12 May, 04:43
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    b. $ 9,225

    Explanation:

    The net income needs to be computed considering the revenue and expenses items from the data provided.

    Revenues

    Fees earned $ 14,403

    Expenses

    Depreciation expenses $ 1,343

    Insurance expenses $ 513

    Supplies expenses $ 3,322

    Total expenses $ 5.178

    Net income $ 9,225

    The other items in the question i. e. Accumulated depreciation, Prepaid insurance and Supplies are balance sheet items and are not considered in determining the net income
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