QUESTION 70 The following is the adjusted trial balance for Steely Company. Steely Company Adjusted Trial Balance For the Year ended December 31, 2008 Cash 6,130 2,300 750 13,400 Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely. Capital Bob Steely, Withdrawals Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 1,200 1,700 5,000 12,000 870 6,600 1.450 900 475 150 75 26,500 Totals 26,500 Determine the net income (loss) for the period O Net Income 26,500 Net Loss 870 O Net Loss 3,550 Net Income 3,550