Stockton CompanyAdjusted Trial BalanceDecember 316,162Cash2,645Accounts Receivable680Prepaid Expenses15,307Equipment4,065Accumulated Depreciation1,683Accounts Payable5,734Notes Payable000'8,100Common StockRetained EarningsDividends650Fees Earned8,308Wages Expense2,007Rent Expense881Utilities Expense334Depeciation Expense164Miscellaneous Expense09Totals28,89028,890Determine the net income (loss) for the period.a. Net income $4,212b. Net loss $4,212c. Net loss $4,862d. Net income $4,862All work saved.Used Car EFordBlueAdvantageSearch Your Local

Net income is calculated after deducting all the expenses from all the income during the current…

Answered: 28,890 Determine the net income (loss)…

28,890 Determine the net income (loss) for the period. a. Net income $4,212 Ob. Net loss $4,212 Oc. Net loss $4,862 Od. Net income $4,862

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Stockton Company
Adjusted Trial Balance
December 31
6,162
Cash
2,645
Accounts Receivable
680
Prepaid Expenses
15,307
Equipment
4,065
Accumulated Depreciation
1,683
Accounts Payable
5,734
Notes Payable
000'
8,100
Common Stock
Retained Earnings
Dividends
650
Fees Earned
8,308
Wages Expense
2,007
Rent Expense
881
Utilities Expense
334
Depeciation Expense
164
Miscellaneous Expense
09
Totals
28,890
28,890
Determine the net income (loss) for the period.
a. Net income $4,212
b. Net loss $4,212
c. Net loss $4,862
d. Net income $4,862
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