Question
The following is the adjusted trial balance for Henry Company: Henry Company Adjusted Trail Balance For the Year ended December 31,2013 Debits: Credits: Cash 9,235
The following is the adjusted trial balance for Henry Company: Henry Company Adjusted Trail Balance For the Year ended December 31,2013 Debits: Credits: Cash 9,235 Accounts Receivable (net) 5,160 Inventory 2,950 Equipment (net) 14,290 Accumulated Depreciation 2,500 Accounts Payable 2,500 Notes Payable 6,000 Capital Stock 12,000 Retained Earnings 3,000 Fees Earned 12,600 Wage Expense 2,400 Rent Expense 1,200 Utilities Expense 800 Depreciation Expense 1,250 Miscellaneous Expense 175 Dividends 1,140 Total 38,600 38,600 Determine the net income (loss) for the period.
a. Net income 5,635
b. Net loss 1,080
c. Net loss 3,550
d. Net income 6,775
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