Transcribed Image Text: The accountant for Morris, Inc prepared the following list of account balances from the company’s records for the year ended December 31. The retained earnings were $600,000

Transcribed Image Text: The accountant for Morris, Inc prepared the following list of account balances from the company’s records for the year ended December 31. The
retained earnings were $600,000 on January 1, 2016, the beginning of the year. During the year, dividends of $42,000 were paid. Determine the net
income (or loss) using the balances below.
Accounts payable
$ 69,500
Miscellaneous expense
$ 6,400
Accounts receivable
285,000
Rent expense
36,000
Cash
190,500
Supplies
Supplies expense
Utilities expense
5,500
Common stock
70,000
4,100
Fees earned
912,500
28,500
Land
544,000
Wages expense
510,000
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