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Question
The following table contains financial information for Trumpeter Inc. before closing entries:
| Cash | $12,000 |
| Supplies | 4,500 |
| Prepaid Rent | 2,000 |
| Salary Expense | 4,500 |
| Equipment | 65,000 |
| Service Revenue | 30,000 |
| Miscellaneous Expenses | 20,000 |
| Dividends | 3,000 |
| Accounts Payable | 5,000 |
| Common Stock | 68,000 |
| Retained Earnings | 8,000 |
What is Trumpeters net income?
a. $3,500.
b. $2,500.
c. $5,000.
d. $5,500.
Answer
This answer is hidden. It contains 59 characters.
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