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...

Extracted 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 Edit View Insert Format Tools Table 12pt v Paragraph v BIU