Use the following adjusted trial balance to answer the question below.
-The amount of net income (or net loss)during the period is
A)$182,000 net income.
B)$122,000 net loss.
C)$92,000 net income.
D)$52,000 net income.

Question

Use the following adjusted trial balance to answer the question below.  
-The amount of net income (or net loss)during the period is
A)$182,000 net income. 
B)$122,000 net loss. 
C)$92,000 net income. 
D)$52,000 net income.

Quizplus · Accepted Answer

To find the net income (or net loss) during the period, we need to look at the difference between the total debit balance and total credit balance in the adjusted trial balance. From the given adjusted trial balance, the total debit balance is $1,019,000 and the total credit balance is $927,000. Therefore, the net income during the period is $1,019,000 - $927,000 = $92,000. Hence, option C is the correct answer.

Use the Following Adjusted Trial Balance to Answer the Question