The following table contains financial information for Trump

The following table contains financial information for Trumpeter Inc. before closing entries Cash Supplies Prepaid Ren Salary Expense Equipment Service Revenue Miscellaneous Expenses Dividends Accounts Payable Common Stock Retained Earnings $12.600 5.900 3,800 5,400 65.800 28,100 20,400 4600 4,600 67100 18,700 What is Trumpeter\'s net income? O $2.800 o $7,800 O $8,800 o $2,300

Solution

Salary Expense = $5,400
Service Revenue = $28,100
Miscellaneous Expense = $20,400

Net Income = Service Revenue - Salary Expense - Miscellaneous Expense
Net Income = $28,100 - $5,400 - $20,400
Net Income = $2,300

So, Trumpeter’s net income is $2,300