The following is the adjusted trial balance for Stockton Company. Stockton Company...
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Accounting
The following is the adjusted trial balance for Stockton Company.
| Stockton Company | ||
| Adjusted Trial Balance | ||
| December 31 | ||
| Cash | 7,530 | |
| Accounts Receivable | 2,100 | |
| Prepaid Expenses | 700 | |
| Equipment | 13,700 | |
| Accumulated Depreciation | 1,100 | |
| Accounts Payable | 1,900 | |
| Notes Payable | 4,300 | |
| Common Stock | 1,000 | |
| Retained Earnings | 12,940 | |
| Dividends | 790 | |
| Fees Earned | 9,250 | |
| Wages Expense | 2,500 | |
| Rent Expense | 1,960 | |
| Utilities Expense | 775 | |
| Depreciation Expense | 250 | |
| Miscellaneous Expense | 185 | |
| Totals | 30,490 | 30,490 |
Determine the net income (loss) for the period.
a.net loss $790
b.net loss $5,670
c.net income $9,250
d.net income $3,580
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