Question: Shown below is an adjusted trial balance for Cornell Products, Incorporated, on December 31: Cornell Products, Incorporated Adjusted Trial Balance December 31, Year 1 Debit

Shown below is an adjusted trial balance for Cornell Products, Incorporated, on December 31:

Cornell Products, Incorporated
Adjusted Trial Balance
December 31, Year 1
Debit Credit
Cash $ 15,350
Accounts Receivable 12,675
Office Equipment 22,200
Accumulated Depreciation $ 5,850
Accounts Payable 7,675
Capital Stock 22,350
Retained Earnings -0-
Dividends 7,350
Service Fees Earned 44,750
Salaries Expense 15,700
Advertising Expense 3,175
Depreciation Expense 4,175
Totals $ 80,625 $ 80,625

Net income for the period equals:

Multiple Choice

  • $14,350.

  • $21,700.

  • $44,750.

  • $23,050.

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