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Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton Company Adjusted Trial Balance December 31 Cash 6,794 Accounts Receivable 2,730 Prepaid Expenses 792 Equipment 13,043 Accumulated Depreciation 1,480 Accounts Payable 1,629 Notes Payable 4,364 Common Stock 1,000 Retained Earnings 11,996 Dividends 641 Fees Earned 7,100 Wages Expense 2,175 Rent Expense 702 Utilities Expense 363 Depreciation Expense 236 Miscellaneous Expense 93 27,569 27,569 Determine the net income (loss) for the period.

Sagot :

Anthougoidn

The Stockton Company's net income (loss) for the period is $3,531.

  • Net income = Total revenue - Total Expenses

= $3,531 ($7,100 - $3,569)

Data and Calculations:

Fees Earned                $7,100

Total Expenses:

Wages Expense          $2,175

Rent Expense                  702

Utilities Expense             363

Depreciation Expense    236

Miscellaneous Expense   93

Total Expenses     = $3,569

Thus, the Stockton Company's net income for the period is $3,531.

Related link: brainly.com/question/14550470

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