Use the adjusted trial balance for Stockton Company to answer the questions that follow.

Trial balance as at 30 September 2020

		DR	CR
Inventory as at 1 October 2019		19,134
Wages & Salaries		106,483
				Sales			462,970
Freight in		2,229
Rent		18,465
Gas		20,005
Purchases		226,855
Account Receivables		74,400
Account Payables			53,749
Machinery at cost		217,140
Computers at cost		97,080
Machinery : Accumulated Depreciation at 1 Oct 2019			77,580
Computers: Accumulated Depreciation at 1 Oct 2019			54,600
Machinery : Depreciation Expenses		5,000
Computer : Depreciation Expenses		10,000
Retained Earnings as at 1 Oct 2019		34,102
Bank		9,325
Share holders equity			191,319
Total		840,218	840,218

Closing Inventory

50,000

Required:

Determine the

• Gross profit (loss ) for the period ( 1.05 marks)
• Net income (loss) for the period. (0.95 Marks)