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The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,577 Accounts Receivable 2,141 Prepaid Expenses 690 Equipment 15,082 Accumulated Depreciation 4,161 Accounts Payable 1,637 Notes Payable 5,294 Common Stock 1,000 Retained Earnings 9,508 Dividends 709 Fees Earned 7,913 Wages Expense 2,839 Rent Expense 798 Utilities Expense 352 Depreciation Expense 234 Miscellaneous Expense 91 Totals 29,513 29,513 Determine the net income (loss) for the period.

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Answer:

Net income $3,599

Explanation:

Fees Earned                                                $7,913

Expenses:

  • Wages Expense $2,839
  • Rent Expense $798
  • Utilities Expense $352
  • Depreciation Expense $234
  • Miscellaneous Expense $91             $4,314

Net income                                                $3,599

the following accounts are all permanent accounts that belong to the balance sheet, not the income statement:

Cash, Accounts Receivable, Prepaid Expenses, Equipment, Accumulated Depreciation, Accounts Payable, Notes Payable, Common Stock, Retained Earnings

Dividends are not included in the income statement

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