A summary of selected ledger accounts appear 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 appear 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

Without further information, the only account we can confidently use to calculate net income is the Income Statement account (11ed76dc_5003_eaf1_b0b4_8ff650c8947f_TB2083_00). Its balance is $15,000, so the net income for the period is $15,000. The balances of the other two accounts are not relevant to calculating net income without additional context.

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