Calculate net income for the year? Alpha has the following adjusted trial balance at the end of

 Calculate net income for the year?

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Alpha has the following adjusted trial balance at the end of the year. On the basis of its annual physical count of inventory at year-end, Alpha determined that its ending inventory was $35,000. Cash Accounts receivable Inventory Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Utilities payable Income tax payable Unearned sales revenue Common stock Retained earnings Dividends Sales Sales returns and allowances Purchases Purchase discounts Rent expense Salaries expense Depreciation expense Income tax expense Total Debit Credit $ 9,000 20,000 41,000 2,000 60,000 8,000 6,000 43,000 $30,000 12,000 3,000 6,000 4,000 1,000 63,000 12,000 140,000 Midterm Exam I: ACCT 350 INTER FIN ACCT I-(13672-FA2022) 3,000 24,000 45,000 6,000 10,000 $274,000 $274,000 Using this trial balance and the periodic inventory system, net income for the year is Alpha has the following adjusted trial balance at the end of the year. On the basis of its annual physical count of inventory at year-end, Alpha determined that its ending inventory was $35,000. Cash Accounts receivable Inventory Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Utilities payable Income tax payable Unearned sales revenue Common stock Retained earnings Dividends Sales Sales returns and allowances Purchases Purchase discounts Rent expense Salaries expense Depreciation expense Income tax expense Total Debit Credit $ 9,000 20,000 41,000 2,000 60,000 8,000 6,000 43,000 $30,000 12,000 3,000 6,000 4,000 1,000 63,000 12,000 140,000 Midterm Exam I: ACCT 350 INTER FIN ACCT I-(13672-FA2022) 3,000 24,000 45,000 6,000 10,000 $274,000 $274,000 Using this trial balance and the periodic inventory system, net income for the year is

Answer rating: 100% (QA)

To calculate the net income for the year from a trial balance we need to consider revenues expenses ... View the full answer