Use the adjusted trial balance for Stockton Company to answer the question that follows.

Stockton Company Adjusted Trial Balance December 31
	Account No.	Debit Balances	Credit Balances
Cash	11	6,996
Accounts Receivable	12	2,967
Prepaid Expenses	13	640
Equipment	18	14,892
Accumulated Depreciation	19		1,250
Accounts Payable	21		1,747
Notes Payable	22		5,313
Bob Steely, Capital	31		13,189
Bob Steely, Drawing	32	771
Fees Earned	41		8,981
Wages Expense	51	2,892
Rent Expense	52	703
Utilities Expense	53	332
Depreciation Expense	54	167
Miscellaneous Expense	59	120
Totals		30,480	30,480

Use the adjusted trial balance for Stockton Company. Determine the net income (loss) for the period.

a.Net income is $4,767.

b.Net income is $30,480.

c.Net loss is $4,767.

d.Net loss is $7,991.