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

-Determine the net income (loss) for the period.
A) net income $9,250
B) net loss $790
C) net loss $5,670
D) net income $3,580

Question

Use the adjusted trial balance for Stockton Company below to answer the questions that follow.
  ​
-Determine the net income (loss) for the period.
A) net income $9,250 
B) net loss $790 
C) net loss $5,670 
D) net income $3,580

Quizplus · Accepted Answer

Net income = Fees earned - (Wages expense + Rent expense + Utilities expense + Depreciation expense + Miscellaneous expense) = $? 9,250 - ($2,500 + $1,960 + $775 + $250 + $185) = $3,580

Use the Adjusted Trial Balance for Stockton Company Below to Answer