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 975 Accounts receivable 300 Prepaid insurance 3,600 150 Supplies 180 70 Equipment 10,320 Accumulated depreciation—equipment 190 Accounts payable 1,140 Salaries payable 315 Unearned fees 4,500 375 Owner, Capital 9,180 Owner, Withdrawals 1,650 Fees earned 5,850 375 300 Rent expense 1,500 Salaries expense 2,100 315 Utilities expense 345 Insurance expense 150 Supplies expense 70 Depreciation expense—equipment 190 Totals 20,670 20,670 1,400 1,400

Net income refers to the income left in hand after deducting all the expenses and taxes over such income. The net income for such trial balance will be $1855 for the year ended December 31.

How to calculate net income?

Net income is basically an output obtained after addition of the gross income of the businesses and then deducting all the liabilities, taxes and other expenses for such business.

So, the formula for computation for net income will be,

[tex]\rm Net\ Income = Receivables\ (Gross\ Income)- Expenses[/tex]

The fees earned for the period are given as $5850, $350 and $375. Whereas, the expenses for the firm are also given. So, the net income as per the above formula will be,

[tex]\rm Net\ Income(in\ \$) = (5850+375+350)- (1500+2100+315+345+150&0+190)\\\\\rm Net\ Income(in\ \$)= 6,525-4670\\\\\rm Net\ Income(in\ \$)=1855[/tex]

Hence, the net income for the information aforementioned is computed as $1855 for the year ended December 31.

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