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| Onlne teac e search Testboek Solutions lc × e Secure httips //v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain do?inprogressstrue Print tem December 31 Account No.Debit Balances Credit Balances 6,530 2,100 Accounts Receivablie Prepaid Experses 12 13 Accounts Paryable Notes Payablie ob Steety, Capial Bob Steely, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscelaneous Expense 21 1,900 4.300 12,940 31 32 41 51 52 53 9,250 2,500 1,960 Use the adjusted trial bailance for Stockton Company. Determine the net income (loss) for the period. .Net income is $9,250 b. Net loss is $790 Net income is $3,580 d. Net loss is $5,670 8

Explanation / Answer

Fees Earned 9250 Expenses: Wages Expenses (2500) Rent Expenses (1960) Utilities Expenses (775) Depriciation Expense (250) Misc.Expense      (185) Net Income 3580

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