Use the adjusted trial balance for Stockton Company below to answer the question

Question

Use the adjusted trial balance for Stockton Company below to answer the question that follow.

Determine the net income (loss) for the period.

a.net income $9,250

b.net loss $790

c.net loss $5,670

d.net income $3,580

Stockton Company Adjusted Trial Balance December 31 Cash 6,530 Accounts Receivable 2,100 Prepaid Expenses    700 Equipment 13,700 Accumulated Depreciation 1,100 Accounts Payable 1,900 Notes Payable   4,300 Bob Steely, Capital 12,940 Bob Steely, Withdrawals 790 Fees Earned 9,250 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense       185       Totals 29,490 29,490

Explanation / Answer

Incomes:

Fees earned 9250

Expenses:

wages expense 2500

rent expense 1960

utilities expense 775

depreciation expense 250

miscellaneous expense 185 (5670)

Net income 3580.

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.