Jackson Services had the following accounts and balances at December 31: Using the information in the table, calculate the company's reported net income for the period.
A) $16,800.
B) $15,800.
C) $15,300.
D) $10,300.
E) $23,200.

Question

Jackson Services had the following accounts and balances at December 31:  Using the information in the table, calculate the company's reported net income for the period.
A) $16,800. 
B) $15,800. 
C) $15,300. 
D) $10,300. 
E) $23,200.

Quizplus · Accepted Answer

Net Income = Total Revenues − Total Expenses.
Service Revenue $20,000 − Utilities Expense $2,000 − Salaries Expense $1,200 = $16,800

Jackson Services Had the Following Accounts and Balances at December