The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,778 Accounts Receivable 2,036 Prepaid Expenses 719 Equipment 15,976 Accumulated Depreciation 7,834 Accounts Payable 1,709 Notes Payable 5,340 Common Stock 1,000 Retained Earnings 5,386 Dividends 791 Fees Earned 8,205 Wages Expense 2,694 Rent Expense 739 Utilities Expense 404 Depreciation Expense 241 Miscellaneous Expense 96 Totals 29,474 29,474 Determine the net income (loss) for the period. Oa. Net income $3,240 Ob. Net loss $3,240 Oc. Net loss $4,031 Od. Net income $4,031

The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,778 Accounts Receivable 2,036 Prepaid Expenses 719 Equipment 15,976 Accumulated Depreciation 7,834 Accounts Payable 1,709 Notes Payable 5,340 Common Stock 1,000 Retained Earnings 5,386 Dividends 791 Fees Earned 8,205 Wages Expense 2,694 Rent Expense 739 Utilities Expense 404 Depreciation Expense 241 Miscellaneous Expense 96 Totals 29,474 29,474 Determine the net income (loss) for the period. Oa. Net income $3,240 Ob. Net loss $3,240 Oc. Net loss $4,031 Od. Net income $4,031

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Description: The following is the adjusted trial balance for Stockton Company.Stockton CompanyAdjusted Trial BalanceDecember 31Cash5,778Accounts Receivable2,036Prepaid Expenses719Equipment15,976Accumulated Depreciation7,834Accounts Payable1,709Notes Payable5,340

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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