Question

Oregon Company Adjusted Trial Balance For the Year Ended December 31, 2015 Cash $6,030 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation $1,100 Accounts Payable 1,900 Notes Payable 4,200 Capital Stock 12,940 Dividends 790 Fees Earned 8,750 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous 85___ _____ Totals $28,890 $28,890 Determine the net income (loss) for the period.

Answer 1

Step-by-step explanation:

Net income (loss) for the period

Fees Earned 8,750

Less Expenses:

Wages Expense 2,500

Rent Expense 1,960

Utilities Expense 775

Depreciation Expense 250

Miscellaneous Expense 85

Total expenses 5,570

NET Income 3,180