Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. Determine the net income (loss) for the period.
A) net income, $2,390
B) net loss, $790
C) net loss, $5,570
D) net income, $3,180

Question

Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow.  Determine the net income (loss) for the period.
A) net income, $2,390 
B) net loss, $790 
C) net loss, $5,570 
D) net income, $3,180

Quizplus · Accepted Answer

To determine the net income (loss) for the period, we need to look at the difference between the total debits and the total credits in the adjusted trial balance.

Total debits = $54,450 
Total credits = $51,270

Therefore, net income = Total debits - Total credits = $3,180.

The correct answer is D, net income of $3,180.

Use the Information in the Adjusted Trial Balance for Stockton