The following is the adjusted trial balance for Steely Company. Steely Company A

Q: The following is the adjusted trial balance for Steely Company. Steely Company A

The net income (loss) for the period = $ 3096 Net Income Statement Fees Earned 7,838 Expenses : Wages Expense 3,191 Rent Expense 822 Utility Expense 428 Depreciation Expense 246 Miscellaneous Expense 55 Total Expenses 4,742 Net Inccome 3,096

ID: 2450559 • Letter: T

Question

The following is the adjusted trial balance for Steely Company.

Steely Company
Adjusted Trial Balance
For the Year ended December 31, 20XX

Cash

$5,401

Accounts Receivable

$2,938

Prepaid Expenses

$712

Equipment

$14,787

Accumulated Depreciation

$8,574

Accounts Payable

$1,725

Notes Payable

$4,397

Bob Steely, Capital

$6,738

Bob Steely, Withdrawals

$692

Fees Earned

$7,838

Wages Expense

$3,191

Rent Expense

$822

Utility Expense

$428

Depreciation Expense

$246

Miscellaneous Expense

$55

Totals

$29,272

Determine the net income (loss) for the period.