The following is the adjusted trial balance for Stockton Company.Stockton CompanyAdjusted Trial BalanceDecember 31Cash5,681 Accounts Receivable2,642 Prepaid Expenses616 Equipment13,155 Accumulated Depreciation 8,380Accounts Payable 1,762Notes Payable 4,910Common Stock 1,000Retained Earnings 1,068Dividends669 Fees Earned 8,050Wages Expense2,037 Rent Expense717 Utilities Expense386 Depreciation Expense172 Miscellaneous Expense95 Totals26,17026,170Determine the total liabilities for the period.$13,714$3,068$15,052$6,672

Accumulated Depreciation is not a liability, it a contra asset account.

Answered: The following is the adjusted trial…

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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Use the adjusted trial balance for Stockton Company to answer the question that follow. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 6,654 Accounts Receivable 2,078 Prepaid Expenses 695 Equipment 13,651 Accumulated Depreciation 6,992 Accounts Payable 1,596 Notes Payable 5,744 Common Stock 1,000 Retained Earnings 6,153 Dividends 935 Fees Earned 6,555 Wages Expense 2,497 Rent Expense 814 Utilities Expense 387 Depreciation Expense 222 Miscellaneous Expense 107 Total 28,040 28,040 Determine the retained earnings ending balance. a. $2,528 b. $7,746 c. $28,040 d. $7,153
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,507 Accounts Receivable 12 2,836 Prepaid Expenses 13 767 Equipment 18 14,507 Accumulated Depreciation 19 1,376 Accounts Payable 21 1,688 Notes Payable 22 4,961 Bob Steely, Capital 31 15,159 Bob Steely, Drawing 32 675 Fees Earned 41 6,224 Wages Expense 51 2,547 Rent Expense 52 818 Utilities Expense 53 491 Depreciation Expense 54 190 Miscellaneous Expense 59 70 Totals 29,408 29,408 Determine the current assets. a.$9,343 b.$10,110 c.$23,241 d.$29,408
1. Husain Corporation has the following account it trial balance at the end of year: Accounting Receivables $ 230,000, Inventories $ 342,000, Allowances for doubtful debts $ 11,000, Long –term notes payable $ 56,000, Prepaid Rent $ 13,000, Unearned fee $ 5,000, Cash $ 46,000, Trading Securities $ 32,000. Prepare current assets section of the balance sheet.
Required information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $12,000 of common stock for cash. 2. Recognized $67,000 of service revenue earned on account. 3. Collected $59,600 from accounts receivable. 4. Paid operating expenses of $35,300. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions apply to Jova for Year 2: 1. Recognized $74,500 of service revenue on account. 2. Collected $67,600 from accounts receivable. 3. Determined that $940 of the accounts receivable were uncollectible and wrote them off. 4. Collected $200 of an account that had previously been written off. 5. Paid $48,900 cash for operating expenses. 6. Adjusted the accounts to recognize…
The following is the adjusted trial balance for Stockton Company. Stockton CompanyAdjusted Trial BalanceDecember 31 Cash 6,646 Accounts Receivable 2,883 Prepaid Expenses 743 Equipment 14,473 Accumulated Depreciation 9,026 Accounts Payable 1,637 Notes Payable 5,593 Common Stock 1,000 Retained Earnings 4,819 Dividends 793 Fees Earned 7,931 Wages Expense 2,875 Rent Expense 854 Utilities Expense 491 Depreciation Expense 198 Miscellaneous Expense 50 Totals 30,006 30,006 Determine the total assets.
The following is the adjusted trial balance for Stockton Company. Stockton CompanyAdjusted Trial BalanceDecember 31 Cash 5,209 Accounts Receivable 2,798 Prepaid Expenses 693 Equipment 13,447 Accumulated Depreciation 2,138 Accounts Payable 1,649 Notes Payable 4,430 Common Stock 1,000 Retained Earnings 9,125 Dividends 691 Fees Earned 8,781 Wages Expense 2,638 Rent Expense 816 Utilities Expense 491 Depreciation Expense 265 Miscellaneous Expense 75 Totals 27,123 27,123 Determine the total liabilities for the period. $8,217 $10,125 $6,079 $20,009
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 6,378 Accounts Receivable 2,868 Prepaid Expenses 617 Equipment 14,382 Accumulated Depreciation 10,346 Accounts Payable 1,575 Notes Payable 4,014 Common Stock 1,000 Retained Earnings 6,349 Dividends 760 Fees Earned 6,365 Wages Expense 3,050 Rent Expense 864 Utilities Expense 443 Depreciation Expense 225 Miscellaneous Expense 62 Total 29,649 29,649 Determine the net income (loss) for the period. a. net income $961 b. net loss $961 c. net loss $1,721 d. net income $1,721
The following is the adjusted trial balance for Stockton Company. Stockton CompanyAdjusted Trial BalanceDecember 31 Cash 5,670 Accounts Receivable 2,755 Prepaid Expenses 800 Equipment 14,706 Accumulated Depreciation 11,123 Accounts Payable 1,770 Notes Payable 5,375 Common Stock 1,000 Retained Earnings 3,701 Dividends 986 Fees Earned 6,601 Wages Expense 3,157 Rent Expense 754 Utilities Expense 496 Depreciation Expense 158 Miscellaneous Expense 88 Totals 29,570 29,570 Determine the retained earnings ending balance. $1,948 $4,701 $29,570 $4,663
The following is a random list of the adjusted account balances of Wyoming Company as of the end of the current accounting period: Cash 5,400 17,700 Accounts Receivable 4,400 Service Revenue Accounts Payable 17,900 Land 24,700 Retained Earnings 12,100 Common Stock Operating Expenses What is the total of the credit account balances that will be shown on the adjusted trial balance? Multiple Choice $60,900 $58,900 $59,900 $42,000 16,900 20,700
The following is the adjusted trial balance for Stockton Company. Stockton CompanyAdjusted Trial BalanceDecember 31 Cash 6,223 Accounts Receivable 2,767 Prepaid Expenses 689 Equipment 13,219 Accumulated Depreciation 2,941 Accounts Payable 1,709 Notes Payable 4,339 Common Stock 1,000 Retained Earnings 10,146 Dividends 701 Fees Earned 8,139 Wages Expense 3,197 Rent Expense 763 Utilities Expense 460 Depreciation Expense 200 Miscellaneous Expense 55 Totals 28,274 28,274 Determine the total assets.
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 6,616 Accounts Receivable 2,752 Prepaid Expenses 744 Equipment 14,898 Accumulated Depreciation 9,632 Accounts Payable 1,420 Notes Payable 4,773 Common Stock 1,000 Retained Earnings 5,496 Dividends 675 Fees Earned 7,067 Wages Expense 2,008 Rent Expense 839 Utilities Expense 498 Depreciation Expense 273 Miscellaneous Expense 85 Total 29,388 29,388 Determine the total liabilities for the period. a. $15,378 b. $6,193 c. $6,496 d. $15,825
The following is the adjusted trial balance for Stockton Company. Stockton CompanyAdjusted Trial BalanceDecember 31 Cash 5,993 Accounts Receivable 2,387 Prepaid Expenses 718 Equipment 14,127 Accumulated Depreciation 10,809 Accounts Payable 1,677 Notes Payable 5,394 Common Stock 1,000 Retained Earnings 2,071 Dividends 757 Fees Earned 7,242 Wages Expense 2,714 Rent Expense 748 Utilities Expense 479 Depreciation Expense 168 Miscellaneous Expense 102 Totals 28,193 28,193 Determine the net income (loss) for the period. a.Net income $2,274 b.Net loss $2,274 c.Net loss $3,031 d.Net income $3,031

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Stockton Company Adjusted Trial Balance December 31
Cash	5,681
Accounts Receivable	2,642
Prepaid Expenses	616
Equipment	13,155
Accumulated Depreciation		8,380
Accounts Payable		1,762
Notes Payable		4,910
Common Stock		1,000
Retained Earnings		1,068
Dividends	669
Fees Earned		8,050
Wages Expense	2,037
Rent Expense	717
Utilities Expense	386
Depreciation Expense	172
Miscellaneous Expense	95
Totals	26,170	26,170