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The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,740   Accounts Receivable 2,231   Prepaid Expenses 761   Equipment 13,242   Accumulated Depreciation   3,165 Accounts Payable   1,729 Notes Payable   4,648 Common Stock   1,000 Retained Earnings   9,530 Dividends 714   Fees Earned   8,734 Wages Expense 3,498   Rent Expense 883   Utilities Expense 439   Depreciation Expense 192   Miscellaneous Expense 106   Totals 28,806 28,806 Determine the net income (loss) for the period. Net income $2,902 Net loss $2,902 Net loss $3,616 Net income $3,616

The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,740   Accounts Receivable 2,231   Prepaid Expenses 761   Equipment 13,242   Accumulated Depreciation   3,165 Accounts Payable   1,729 Notes Payable   4,648 Common Stock   1,000 Retained Earnings   9,530 Dividends 714   Fees Earned   8,734 Wages Expense 3,498   Rent Expense 883   Utilities Expense 439   Depreciation Expense 192   Miscellaneous Expense 106   Totals 28,806 28,806 Determine the net income (loss) for the period. Net income $2,902 Net loss $2,902 Net loss $3,616 Net income $3,616

FINANCIAL ACCOUNTING
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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The following is the adjusted trial balance for Stockton Company.

Stockton Company
Adjusted Trial Balance
December 31
Cash 6,740  
Accounts Receivable 2,231  
Prepaid Expenses 761  
Equipment 13,242  
Accumulated Depreciation   3,165
Accounts Payable   1,729
Notes Payable   4,648
Common Stock   1,000
Retained Earnings   9,530
Dividends 714  
Fees Earned   8,734
Wages Expense 3,498  
Rent Expense 883  
Utilities Expense 439  
Depreciation Expense 192  
Miscellaneous Expense 106  
Totals 28,806 28,806

Determine the net income (loss) for the period.

Net income $2,902
Net loss $2,902
Net loss $3,616
Net income $3,616
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