Question

Multiple Choice Question 216 Given the following adjusted tabular summary amounts: Cash $1463 Accounts receivable 1846 Inventory 2749 Prepaid rent 76 Equipment 260 Accumulated depreciation-equipment 46 Accounts payable 72 Unearned service revenue 107 Common stock 174 Retained earnings 5820 Service revenue 324 Interest revenue 49 Salaries and wages expense 140 Travel expense 58 Net income for the year is:

Answer 1

$175

Step-by-step explanation:

Net Income = Service revenue + Interest revenue - Salaries and Wages Expense - Travel Expense

Net Income = $324 + $49 - $140 - $58

Net Income = $175