Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. 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 following information in the adjusted trial balance for Stockton Company to answer the following questions.  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

In the adjusted trial balance, the total credits ($205,350) are greater than the total debits ($201,770). This means that the company has a net credit balance, which represents net income for the period. The difference between the total credits and total debits is $3,580, which represents the net income for the period. Therefore, the correct answer is D) Net Income $3,580.

Use the Following Information in the Adjusted Trial Balance for Stockton