Given the following adjusted trial balance:
debit credit
cash $1762
accounts receivable 2224
inventory 3311
prepaid rent 91
equipment 320
accumulated depreciation-equipment
$55
accounts payable 87
unearned service revenue
129
common stock 218
retained earnings 7010
service revenue 390
interest revenue 59
salaries and wages expense
170
travel expense 70
total $7948
net income for the year is

The net income for the year is $209

Explanation:

Net income: It the income which is left after paying all the expenses.

In the simplest form,

The net income = Total revenue - total expenditure

So, the net income would equal to

= Service revenue + interest revenue - Salaries and wages expense - Travel expense

= $390 + $59 - $170 - $70

= $209

All other items which are presented in the question are related to the balance sheet so these all items would not be considered in the computation part.

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.