A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end.
Net income for the period is
A) $13,000
B) $33,500
C) $15,000
D) $18,500

Question

A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end.  
Net income for the period is
A) $13,000 
B) $33,500 
C) $15,000 
D) $18,500

Quizplus · Accepted Answer

As the credit side (total revenue) of Income Summary is more than its debit side (total expenses), the difference shows net income.
Net income = $33,500 - $18,500 = $15,000

A Summary of Selected Ledger Accounts Appears Below for Alberto's