Stockton Company Adjusted Trial Balance December 31 Account No. Debit Balances Credit Balances Cash 11 5,558 Accounts Receivable 12 2,988 Prepaid Expenses 13 664 Equipment 18 15,797 Accumulated Depreciation 19 1,451 Accounts Payable 21 1,522 Notes Payable 22 4,036 Bob Steely, Capital 31 15,392 Bob Steely, Drawing 32 649 Fees Earned 41 7,798 Wages Expense 51 2,949 Rent Expense 52 826 Utilities Expense 53 493 Depreciation Expense 54 213 Miscellaneous Expense 59 62 Totals 30,199 30,199 Use the adjusted trial balance for Stockton Company. Determine the total assets.
Stockton Company Adjusted Trial Balance December 31 Account No. Debit Balances Credit Balances Cash 11 5,558 Accounts Receivable 12 2,988 Prepaid Expenses 13 664 Equipment 18 15,797 Accumulated Depreciation 19 1,451 Accounts Payable 21 1,522 Notes Payable 22 4,036 Bob Steely, Capital 31 15,392 Bob Steely, Drawing 32 649 Fees Earned 41 7,798 Wages Expense 51 2,949 Rent Expense 52 826 Utilities Expense 53 493 Depreciation Expense 54 213 Miscellaneous Expense 59 62 Totals 30,199 30,199 Use the adjusted trial balance for Stockton Company. Determine the total 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 | 5,558 | |
| 12 | 2,988 | ||
| Prepaid Expenses | 13 | 664 | |
| Equipment | 18 | 15,797 | |
| 19 | 1,451 | ||
| Accounts Payable | 21 | 1,522 | |
| Notes Payable | 22 | 4,036 | |
| Bob Steely, Capital | 31 | 15,392 | |
| Bob Steely, Drawing | 32 | 649 | |
| Fees Earned | 41 | 7,798 | |
| Wages Expense | 51 | 2,949 | |
| Rent Expense | 52 | 826 | |
| Utilities Expense | 53 | 493 | |
| Depreciation Expense | 54 | 213 | |
| Miscellaneous Expense | 59 | 62 | |
| Totals | 30,199 | 30,199 |
Use the adjusted trial balance for Stockton Company. Determine the total assets.
Expert Solution
Step 1
Total assets determination :
Total assets are the assets in investing activities.
Total assets are categorized into two types of assets in balance sheet.
1. Fixed assets
2. Current assets
Fixed assets are the depreciable assets which is depreciated every year.
Current assets includes the short term investments, cash, accounts receivable etc.,
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