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Stockton Company Adjusted Trial Balance December 31     Account No. Debit Balances Credit Balances Cash 11 5,280     Accounts Receivable 12 2,110     Prepaid Expenses 13 671     Equipment 18 13,997     Accumulated Depreciation 19     1,252 Accounts Payable 21     1,586 Notes Payable 22     5,638 Bob Steely, Capital 31     10,985 Bob Steely, Drawing 32 930     Fees Earned 41     7,139 Wages Expense 51 2,128     Rent Expense 52 867     Utilities Expense 53 315     Depreciation Expense 54 239     Miscellaneous Expense 59 63     Totals     26,600 26,600 Use the adjusted trial balance for Stockton Company. Determine the current assets

Stockton Company Adjusted Trial Balance December 31     Account No. Debit Balances Credit Balances Cash 11 5,280     Accounts Receivable 12 2,110     Prepaid Expenses 13 671     Equipment 18 13,997     Accumulated Depreciation 19     1,252 Accounts Payable 21     1,586 Notes Payable 22     5,638 Bob Steely, Capital 31     10,985 Bob Steely, Drawing 32 930     Fees Earned 41     7,139 Wages Expense 51 2,128     Rent Expense 52 867     Utilities Expense 53 315     Depreciation Expense 54 239     Miscellaneous Expense 59 63     Totals     26,600 26,600 Use the adjusted trial balance for Stockton Company. Determine the current assets

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Stockton Company
Adjusted Trial Balance
December 31
    Account
No.		 Debit
Balances		 Credit
Balances
Cash 11 5,280    
Accounts Receivable 12 2,110    
Prepaid Expenses 13 671    
Equipment 18 13,997    
Accumulated Depreciation 19     1,252
Accounts Payable 21     1,586
Notes Payable 22     5,638
Bob Steely, Capital 31     10,985
Bob Steely, Drawing 32 930    
Fees Earned 41     7,139
Wages Expense 51 2,128    
Rent Expense 52 867    
Utilities Expense 53 315    
Depreciation Expense 54 239    
Miscellaneous Expense 59 63    
Totals     26,600 26,600

Use the adjusted trial balance for Stockton Company. Determine the current assets

Expert Solution
Step 1

Introduction:

Current Assets:

Assets which can be easily converted in to cash with in a year ( 12 months ) called a Current Assets.

Example: Stock , Accounts receivables etc.

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