A summary of selected ledger accounts appears as follows for Alberto's Plumbing Services for the current calendar year-end. Alberto, Capital 12/31 Clos. 7,958 1/1 Bal. 5,058 12/31 Clos. 13,975 Alberto, Drawing 6/30 2,835 12/31 Clos. 7,958 11/30 5,123 Net income for the period is a.$5,058 b.$13,975 c.$33,247 d.$19,272

Alberto's Plumbing Services

Net income for the period is:

b. $13,975

Explanation:

a) Data and Calculations:

Alberto, Capital

12/31 Clos.   7,958           1/1 Bal. 5,058

                                12/31 Clos. 13,975

Alberto, Drawing

6/30 2,835               12/31 Clos. 7,958

11/30 5,123

b) The net income is closed to the Capital account on December 31.  The closing entry is debited to the Income Summary and correspondingly credited to the Capital account.  So, the $13,975 credited on the capital account is the net income for the year.  Similarly, the drawings account is closed to the Capital account by a debit to the Capital account and a corresponding credit to the Drawing account.

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