Eddie Howard's Bookkeeper Prepared a Trial Balance of the Accounts

Multiple Choice

Eddie Howard's bookkeeper prepared a trial balance of the accounts at December 31, 2020 in order to prepare financial statements. Following is a summary of the trial balance. Based on the trial balance, how much was Eddie Howard's net income on the income statement and how much was Eddie Howard's Capital on the balance sheet? $\begin{array}{c}\text { Eddie Howard } \\\text { TrialBalance } \\\text { December 31, 2020 }\\\\\begin{array}{|l|r|r|}\hline & {\text { Debit }} & {\text { Credit }} \\\hline \text { Total of asset accounts } & \$ 22,300 & \\\hline \text { Total of liability accounts } & & \$ 7,400 \\\hline \text { Eddie Howard, Capital } & & 6,200 \\\hline \text { Total of revenue accounts } & & 62,000 \\\hline \text { Total of expense accounts } & 53,300 & \\\hline & \$ 75,600 & \$ 75,600 \\\hline\end{array} \end{array}$

A) Net income - $8,700; Capital - $14,900
B) Net income - $62,000; Capital - $68,200
C) Net income - $22,300; Capital - $22,300
D) Net income - $84,300; Capital - $6,200