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The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,227   Accounts Receivable 2,819   Prepaid Expenses 636   Equipment 15,305   Accumulated Depreciation   3,317 Accounts Payable   1,715 Notes Payable   5,730 Common Stock   1,000 Retained Earnings   10,078 Dividends 898   Fees Earned   8,978 Wages Expense 3,351   Rent Expense 824   Utilities Expense 451   Depreciation Expense 236   Miscellaneous Expense 71   Totals 30,818 30,818 Determine the current assets. $9,682 $11,078 $30,818 $21,670

The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,227   Accounts Receivable 2,819   Prepaid Expenses 636   Equipment 15,305   Accumulated Depreciation   3,317 Accounts Payable   1,715 Notes Payable   5,730 Common Stock   1,000 Retained Earnings   10,078 Dividends 898   Fees Earned   8,978 Wages Expense 3,351   Rent Expense 824   Utilities Expense 451   Depreciation Expense 236   Miscellaneous Expense 71   Totals 30,818 30,818 Determine the current assets. $9,682 $11,078 $30,818 $21,670

FINANCIAL ACCOUNTING
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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The following is the adjusted trial balance for Stockton Company.

Stockton Company
Adjusted Trial Balance
December 31
Cash 6,227  
Accounts Receivable 2,819  
Prepaid Expenses 636  
Equipment 15,305  
Accumulated Depreciation   3,317
Accounts Payable   1,715
Notes Payable   5,730
Common Stock   1,000
Retained Earnings   10,078
Dividends 898  
Fees Earned   8,978
Wages Expense 3,351  
Rent Expense 824  
Utilities Expense 451  
Depreciation Expense 236  
Miscellaneous Expense 71  
Totals 30,818 30,818

Determine the current assets.

$9,682
$11,078
$30,818
$21,670
Expert Solution
Step 1

Current assets = Cash + Accounts Receivable + Prepaid Expenses

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