Use the adjusted trial balance for Stockton Company to answer the question that follow. Stockton...
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Use the adjusted trial balance for Stockton Company to answer the question that follow. Stockton Company Adjusted Trial Balance December 31 Account No. Debit Balances Credit Balances Cash 11 5,741 Accounts Receivable 12 2,163 Prepaid Expenses 13 775 Equipment 18 14,837 Accumulated Depreciation 19 1,491 Accounts Payable 21 1,437 Notes Payable 22 5,303 Bob Steely, Capital 31 15,285 Bob Steely, Drawing 32 937 Fees Earned 41 6,013 Wages Expense 51 3,420 Rent Expense 52 898 Utilities Expense 53 463 Depreciation Expense 54 200 Miscellaneous Expense 59 95 Totals 29,529 29,529 Use the adjusted trial balance for Stockton Company. Determine the net income (loss) for the period. a. Net income is $29,529. b. Net loss is $4,820. c. Net loss is $937. d. Net income is $937.
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