**Stockton Company Adjusted Trial Balance***December 31*| Account | Account No. | Debit Balances | Credit Balances ||-----------------------|-------------|----------------|-----------------|| Cash | 11 | 5,384 | || Accounts Receivable | 12 | 2,311 | || Prepaid Expenses | 13 | 798 | || Equipment | 18 | 13,563 | || Accumulated Depreciation | 19 | | 1,246 || Accounts Payable | 21 | | 1,771 || Notes Payable | 22 | | 4,411 || Bob Steely, Capital | 31 | | 10,795 || Bob Steely, Drawing | 32 | 763 | || Fees Earned | 41 | | 8,225 || Wages Expense | 51 | 2,042 | || Rent Expense | 52 | 876 | || Utilities Expense | 53 | 398 | || Depreciation Expense | 54 | 230 | || Miscellaneous Expense | 59 | 83 | |**Totals**:- Debit Balances: 26,448- Credit Balances: 26,448**Determine the net income (loss) for the period.**Options:- a. Net loss is $7,036.- b. Net income is $26,448.- c. Net income is $4,596.- d. Net loss is $4,596.

Introduction: A financial statement that lists the company's earnings and expenses is called an…

Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton Company Adjusted Trial Balance December 31 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals Account Debit Credit No. Balances Balances 11 12 13 18 19 21 22 31 32 41 51 52 53 54 59 5,384 2,311 798 13,563 763 2,042 876 398 230 83 26,448 Determine the net income (loss) for the period. a. Net loss is $7,036. b. Net income is $26,448. c. Net income is $4,596. d. Net loss is $4,596. 1,246 1,771 4,411 10,795 8,225 26,448

Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton Company Adjusted Trial Balance December 31 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals Account Debit Credit No. Balances Balances 11 12 13 18 19 21 22 31 32 41 51 52 53 54 59 5,384 2,311 798 13,563 763 2,042 876 398 230 83 26,448 Determine the net income (loss) for the period. a. Net loss is $7,036. b. Net income is $26,448. c. Net income is $4,596. d. Net loss is $4,596. 1,246 1,771 4,411 10,795 8,225 26,448

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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