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Question(s) / Instruction(s):

A summary of selected ledger accounts appear below for Alberto’s Plumbing Services for the 2009 calendar year end.

Alberto, Capital

12/31     8,500     1/1         6,500

12/31     18,500

Alberto, Drawing

6/30       3,500     12/31     8,500

11/30     5,000                      

Income Summary

12/31     15,000  12/31     33,500

12/31     18,500   

Net income for the period is

a)            $15,000

b)            $16,500

c)            $18,500

d)            $33,500

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