Prepaid Expenses 15,150 Equipment 12,435 Accumulated Depreciation Accounts Payable 1,669 Notes Payable 4,558 Common Stock 1,000 Retained Earnings 3,186 Dividends 851 Fees Earned 7,349 Wages Expense 3,205 Rent Expense 847 Utilities Expense 423 Depreciation Expense 217 Miscellaneous Expense 67 Totals 30,197 30,197 Determine the total assets. Oa. $30,197 Ob. $12,152 Oc. $24,587 Od. $4,186

Prepaid Expenses 15,150 Equipment 12,435 Accumulated Depreciation Accounts Payable 1,669 Notes Payable 4,558 Common Stock 1,000 Retained Earnings 3,186 Dividends 851 Fees Earned 7,349 Wages Expense 3,205 Rent Expense 847 Utilities Expense 423 Depreciation Expense 217 Miscellaneous Expense 67 Totals 30,197 30,197 Determine the total assets. Oa. $30,197 Ob. $12,152 Oc. $24,587 Od. $4,186

Name: Stockton CompanyAdjusted Trial BalanceDecember 316,075Cash2,588Accoun
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Description: Stockton CompanyAdjusted Trial BalanceDecember 316,075Cash2,588Accounts Receivable774Prepaid Expenses15,150EquipmentAccumulated Depreciation12,435Accounts Payable1,669Notes Payable4,558Common Stock1,000Retained Earnings3,186Dividends851Fees Earned7,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Stockton Company
Adjusted Trial Balance
December 31
6,075
Cash
2,588
Accounts Receivable
774
Prepaid Expenses
15,150
Equipment
Accumulated Depreciation
12,435
Accounts Payable
1,669
Notes Payable
4,558
Common Stock
1,000
Retained Earnings
3,186
Dividends
851
Fees Earned
7,349
Wages Expense
3,205
Rent Expense
847
Utilities Expense
423
Depreciation Expense
217
Miscellaneous Expense
67
Totals
30,197
30,197
Determine the total assets.
Oa. $30,197
Ob. $12,152
Oc. $24,587
Od. $4,186

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