Question
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,039 Accounts Receivable 2,093 Prepaid Expenses 734
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,039 Accounts Receivable 2,093 Prepaid Expenses 734 Equipment 15,226 Accumulated Depreciation 8,705 Accounts Payable 1,792 Notes Payable 5,648 Common Stock 1,000 Retained Earnings 4,792 Dividends 919 Fees Earned 6,379 Wages Expense 2,657 Rent Expense 843 Utilities Expense 425 Depreciation Expense 265 Miscellaneous Expense 115 Totals 28,316 28,316 Determine the net income (loss) for the period. Net income $1,155 Net loss $1,155 Net loss $2,074 Net income $2,074
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