Refer to the information above. Net income for the period equals: a.$ 22,500. b.

Question

Refer to the information above. Net income for the period equals:

a.$22,500.

b.$11,600.
c.$22,000
d.$36,750.

Refer to the information above. After closing the accounts, Retained earnings at December 31 equals:
a.0
b.$14,500.
c. $22,000.
d.$22,500.

Refer to the information above. The total debits in the After-Closing Trial Balance will equal:
a.$31,000.
b.$23,500.
c.$50,750.
d.$58,250. Cornell Products, Inc. Trial Balance December 31, 2011 Cash $15,500 Accounts receivable 12.750 Office equipment 22.500 Accumulated depreciation $6,000 Accounts payable 7.750 Capital Stock 22,500 Retained earnings -0- Dividends 7.500 Service fees earned 45.500 Salaries expense 16.000 Advertising expense 3.250 Depreciation expense 4.250 $81,750 $81,75 2

Explanation / Answer

Refer to the information above. Net income for the period equals:

   d.$22,000.

Refer to the information above. After closing the accounts, Retained earnings at December 31 equals:

    b.$14,500.

Refer to the information above. The total debits in the After-Closing Trial Balance will equal:

  d.$50,750.

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