The following is the adjusted trial balance for Steely Company.Steely

QUESTION

The following is the adjusted trial balance for Steely Company.Steely CompanyAdjusted Trial BalanceFor the Year ended December 31, 2008 Cash6,130 Accounts Receivable2,300 Prepaid Expenses 750 Equipment13,400 Accumulated Depreciation 1,200Accounts Payable 1,700Notes Payable 5,000Bob Steely, Capital 12,000Bob Steely, Withdrawals870 Fees Earned 6,600Wages Expense1,450 Rent Expense900 Utilities Expense475 Depreciation Expense150 Miscellaneous Expense75 Totals26,50026,500Determine the net income (loss) for the period. (Points: 4) 1. Net Income 26,500 2. Net Loss 870 3. Net Loss 3,550 4. Net Income 3,550
Revenue Fees Earned 6,600 credit Expenses Wages Expense1,450 debit Rent Expense900 debit Utilities Expense475 debit¦

epreciation Expense150 debit Miscellaneous Expense75 debit Net INCOME of 3550.

ANSWER:

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