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Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 6,237   Accounts Receivable 2,297   Prepaid Expenses 691   Equipment 14,042   Accumulated Depreciation   11,455 Accounts Payable   1,536 Notes Payable   4,185 Common Stock   1,000 Retained Earnings   2,516 Dividends 943   Fees Earned   7,280 Wages Expense 2,162   Rent Expense 896   Utilities Expense 414   Depreciation Expense 233   Miscellaneous Expense 57   Total 27,972 27,972 Determine the net income (loss) for the period. a. net income $2,575 b. net loss $2,575 c. net loss $3,518 d. net income $3,518

Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 6,237   Accounts Receivable 2,297   Prepaid Expenses 691   Equipment 14,042   Accumulated Depreciation   11,455 Accounts Payable   1,536 Notes Payable   4,185 Common Stock   1,000 Retained Earnings   2,516 Dividends 943   Fees Earned   7,280 Wages Expense 2,162   Rent Expense 896   Utilities Expense 414   Depreciation Expense 233   Miscellaneous Expense 57   Total 27,972 27,972 Determine the net income (loss) for the period. a. net income $2,575 b. net loss $2,575 c. net loss $3,518 d. net income $3,518

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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Use the adjusted trial balance for Stockton Company to answer the question that follows.

Stockton CompanyAdjusted Trial BalanceDecember 31
Line Item Description Amount Amount
Cash 6,237  
Accounts Receivable 2,297  
Prepaid Expenses 691  
Equipment 14,042  
Accumulated Depreciation   11,455
Accounts Payable   1,536
Notes Payable   4,185
Common Stock   1,000
Retained Earnings   2,516
Dividends 943  
Fees Earned   7,280
Wages Expense 2,162  
Rent Expense 896  
Utilities Expense 414  
Depreciation Expense 233  
Miscellaneous Expense 57  
Total 27,972 27,972

Determine the net income (loss) for the period.

a. net income $2,575
b. net loss $2,575
c. net loss $3,518
d. net income $3,518
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