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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
| Stockton Company Adjusted December 31 |
|||
| Account No. |
Debit Balances |
Credit Balances |
|
| Cash | 11 | 5,280 | |
| 12 | 2,110 | ||
| Prepaid Expenses | 13 | 671 | |
| Equipment | 18 | 13,997 | |
| 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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