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 questions that follow Stockton Company Adjusted Trial Balance December 31 Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable otes Payable Common Stock Retained Earnings 13, 1,900 12,940 Fees Earned Wages Expense Rent Expense tilities Expense Miscellaneous Expense 30,4 Determine the net income (loss) for the period. a. net loss $790 b. net loss $5,670 c. net income $3,580 d. net income $9,250

Explanation / Answer

Calculate net income (loss) :

so answer is c) net income $3,580

Revenue 9250 Expenses Wages expense (2500) Rent expense (1960) Utilities expense (775) Depreciation expense (250) Miscellaneous expense (185) Total expense (5670) Net income 3580

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