115 QUESTION 20 A company's December 31 work sheet for the current period appears below. Based on the information provided what is net income for the current period? Unadjusted Trial Balance Adjustments Debit Credit Debit Credit Cash 1,975 Accounts receivable 1,000 875 Prepaid insurance 1,600 650 Supplies 330 Equipment 8,320 Accumulated depreciation equipment 720 190 Accounts payable 1,140 Retained earnings 9,110 Dividends 1,050 Fees earned 7.250 875 Rent expense 1,300 Salaries expense 2.300 Utilities expense 345 Insurance expense 650 Supplies expense 115 Depreciation expense-equipment 190 Totals 16.220 78,226 1,830 1,830 52.540. $2,350. 53225. O $2305 14180 QUESTION 6 The difference between the cost of an asset and the accumulated depreciation for that asset is called O Book Value Prepaid Depreciation. Depreciation Value Unearned Depreciation. Depreciation Expense