Use the following adjusted trial balance to answer the question(s) below. The amount of net income (or net loss) during the period is
A) $18,200 net income.
B) $12,200 net loss.
C) $9,200 net income.
D) $5,200 net income.

Question

Use the following adjusted trial balance to answer the question(s) below.  The amount of net income (or net loss) during the period is
A) $18,200 net income. 
B) $12,200 net loss. 
C) $9,200 net income. 
D) $5,200 net income.

Quizplus · Accepted Answer

To find the net income (or net loss), we need to add up the total revenues and gains and subtract the total expenses and losses. 
Total Revenues and Gains = $90,800 
Total Expenses and Losses = $81,600 
Net Income (or Net Loss) = $9,200 (Total Revenues and Gains - Total Expenses and Losses) 
Therefore, the answer is C, $9,200 net income.

Use the Following Adjusted Trial Balance to Answer the Question(s)