The following is the adjusted trial balance for Stockton Company.Stockton CompanyAdjusted Trial BalanceDecember 31Cash5,004 Accounts Receivable2,332 Prepaid Expenses706 Equipment15,584 Accumulated Depreciation 3,731Accounts Payable 1,547Notes Payable 5,877Common Stock 1,000Retained Earnings 8,237Dividends901 Fees Earned 8,140Wages Expense2,532 Rent Expense796 Utilities Expense461 Depreciation Expense154 Miscellaneous Expense62 Totals28,53228,532Determine the net income (loss) for the period.a.Net income $3,234b.Net loss $3,234c.Net loss $4,135d.Net income $4,135

Income Statement : It is a part of financial statement of a company in which revenue and expenses…

Answered: The following is the adjusted trial…

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	5,004
Accounts Receivable	2,332
Prepaid Expenses	706
Equipment	15,584
Accumulated Depreciation		3,731
Accounts Payable		1,547
Notes Payable		5,877
Common Stock		1,000
Retained Earnings		8,237
Dividends	901
Fees Earned		8,140
Wages Expense	2,532
Rent Expense	796
Utilities Expense	461
Depreciation Expense	154
Miscellaneous Expense	62
Totals	28,532	28,532

Determine the net income (loss) for the period.

a.Net income $3,234

b.Net loss $3,234

c.Net loss $4,135

d.Net income $4,135

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