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A company's December 31 work sheet for the current period appears below. Based o...
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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 | 2,045 | |||
| Accounts receivable | 1,070 | 945 | ||
| Prepaid insurance | 1,670 | 720 | ||
| Supplies | 400 | 185 | ||
| Equipment | 8,390 | |||
| Accumulated depreciation—equipment | 790 | 260 | ||
| Accounts payable | 1,210 | |||
| Owner, Capital | 9,530 | |||
| Owner, Withdrawals | 1,120 | |||
| Services revenue | 7,320 | 945 | ||
| Rent expense | 1,370 | |||
| Salaries expense | 2,370 | |||
| Utilities expense | 415 | |||
| Insurance expense | 720 | |||
| Supplies expense | 185 | |||
| Depreciation expense—equipment | 260 | |||
| Totals | 18,850 | 18,850 | 2,110 | 2,110 |
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