### Question: Determine the Total Liabilities for the PeriodPlease select the correct option that represents the total liabilities for the specified period:- ○ $11,876- ○ $19,894- ○ $7,357- ○ $3,843**Instructions:**Examine the financial data provided and choose the appropriate amount that reflects the total liabilities within the given time frame. **Stockton Company Adjusted Trial Balance****December 31**- **Assets:** - Cash: $6,033 - Accounts Receivable: $2,968 - Prepaid Expenses: $686 - Equipment: $14,726- **Liabilities:** - Accumulated Depreciation: $12,537 - Accounts Payable: $1,748 - Notes Payable: $5,609- **Equity:** - Common Stock: $1,000 - Retained Earnings: $2,843 - Dividends: $948- **Revenues:** - Fees Earned: $6,469- **Expenses:** - Wages Expense: $3,405 - Rent Expense: $750 - Utilities Expense: $750 - Depreciation Expense: $356 - Miscellaneous Expense: $246 - Additional Expense: $88**Totals:**- Debits: $30,206- Credits: $30,206*Determine the total liabilities for the period.*This adjusted trial balance provides an overview of Stockton Company's financial position as of December 31. The balance confirms that debits and credits are equal, highlighting accurate financial reporting. *Note: This transcription and analysis is intended for educational purposes.*

Name: ### Question: Determine the Total Liabilities for the PeriodPlease se
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: ### Question: Determine the Total Liabilities for the PeriodPlease select the correct option that represents the total liabilities for the specified period:- ○ $11,876- ○ $19,894- ○ $7,357- ○ $3,843**Instructions:**Examine the financial data provide

The total liabilities for the period will be total of Accounts Payable and Notes Payable.

Business

Accounting

The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,033 Accounts Receivable 2,968 Prepaid Expenses 686 Equipment 14,726 Accumulated Depreciation 12,537 Accounts Payable 1,748 Notes Payable 5,609 Common Stock 1,000 Retained Earnings 2,843 Dividends 948 Fees Earned 6,469 Wages Expense 3,405 Rent Expense 750 Utilities Expense 356 Depreciation Expense 246 Miscellaneous Expense 88 Totals 30,206 30,206 Determine the total liabilities for the period.

The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,033 Accounts Receivable 2,968 Prepaid Expenses 686 Equipment 14,726 Accumulated Depreciation 12,537 Accounts Payable 1,748 Notes Payable 5,609 Common Stock 1,000 Retained Earnings 2,843 Dividends 948 Fees Earned 6,469 Wages Expense 3,405 Rent Expense 750 Utilities Expense 356 Depreciation Expense 246 Miscellaneous Expense 88 Totals 30,206 30,206 Determine the total liabilities for the period.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Baxter Company reported a net loss of $13,452 for the year ended December 31. During the year, accounts receivable decreased by $7,326, inventory increased by $5,808, accounts payable increased by $14,760, and depreciation expense of $6,452 was recorded. During the year, operating activities Oa. provided net cash of $13,452. Ob. used net cash of $9,278. Oc. used net cash of $13,452. Od. provided net cash of $9,278.
The following transactions apply to Jova Company for Year 1, the first year of operation: Issued $13,500 of common stock for cash. Recognized $68,500 of service revenue earned on account. Collected $60,800 from accounts receivable. Paid operating expenses of $35,600. 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: Recognized $76,000 of service revenue on account. Collected $68,800 from accounts receivable. Determined that $970 of the accounts receivable were uncollectible and wrote them off. Collected $200 of an account that had previously been written off. Paid $49,200 cash for operating expenses. Adjusted the accounts to recognize uncollectible accounts expense for Year 2. Jova estimates uncollectible accounts expense will be 1.0…
Use the following data from Burt Co., taken from the ledger after adjustment on December 31 the end of the fiscal year. Accounts Payable $97,200 Accounts Receivable 64,300 Accumulated Depreciation-Office Equipment 72,750 Accumulated Depreciation-Store Equipment 162,100 Administrative Expenses 56,500 Cash 53,000 Cost of Merchandise Sold 121,700 Interest Expense 12,000 Maeve Burt, Capital 81,750 Maeve Burt, Drawing 52,000 Merchandise Inventory 93,250 Note Payable (due in two years) 154,000 Office Equipment 149,750 Prepaid Insurance 6,500 Rent Revenue 17,500 Salaries Payable 28,700 Sales 365,500 Selling Expenses 41,500 Store Equipment 325,000 Supplies 4,000
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 47,500 Accounts Receivable 31,700 Land 116,800 Accounts Payable 15,900 Notes Payable (due in 2 years) 36,000 Common Stock 106,000 Retained Earnings 38,100 Totals $ 196,000 $ 196,000 The following is a summary of the transactions for the year: 1. January 12 Provide services to customers on account, $68,400. 2. February 25 Provide services to customers for cash, $78,300. 3. March 19 Collect on accounts receivable, $46,300. 4. April 30 Issue shares of common stock in exchange for $36,000 cash. 5. June 16 Purchase supplies on account, $13,300. 6. July 7 Pay on accounts payable, $11,900. 7. September 30 Pay salaries for employee work in the current year, $70,200. 8. November 22…
he adjusted trial balance of Cullumber Company for the year ended December 31, 2022, is as follows: Debit Credit Cash $ 6,900 Accounts Receivable 2,800 Notes Receivable 7,100 Inventory 9,500 Equipment 8,300 Allowance for Doubtful Accounts $ 400 Accumulated Depreciation—Equipment 1,400 Notes Payable 1,400 Accounts Payable 700 Common Stock 16,800 Retained Earnings 11,500 Dividends 1,700 Sales Revenue 15,000 Interest Revenue 100 Cost of Goods Sold 8,000 Salary and Wages Expense 2,000 Rent Expense 900 Bad Debt Expense 70 Service Charge Expense 30 $ 47,300 $ 47,300 Attempts: 2 of 3 used (a3) Prepare a classified balance sheet. The notes payable is due on January 10, 2023. (List Current Assets in order of liquidity.) Please don't provide answer in image format thank you
a. Prepare the closing entries for Donovan Co. taken from the following ledger information after adjustment on December 31, 2011 the end of the fiscal year. Accounts Payable $ 47,200 Accounts Receivable 64,300 Accumulated Depreciation 22,750 Administrative Expenses 75,500 Capital Stock 141,750 Cash 39,700 Cost of Merchandise Sold 545,000 Dividends 42,000 Interest Expense 9,000 Merchandise Inventory 93,250 Rent Revenue 7,500 Office Equipment 49,750 Sales 820,500 Selling Expenses 101,500 Depreciation Expenses 6,500 b. What inventory system does Donovan Company use? Periodic or Perpetual?
The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending December 31: Apr. 13 Wrote off account of Dean Sheppard, $8,290. May 15 Received $420 as partial payment on the $7,220 account of Dan Pyle. Wrote off the remaining balance as uncollectible. July 27 Received $8,290 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash receipt. Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry): Paul Chapman $2,280 Duane DeRosa 3,535 Teresa Galloway 4,625 Ernie Klatt 1,095 Marty Richey 1,800 31 If necessary, record the year-end adjusting entry for uncollectible accounts. Required: A. Journalize the transactions under the direct write-off method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. B. Journalize the transactions under the allowance method.…
Please determine Total liabilities
Adams Company reports the following balance sheet accounts as of December 31. $ 7,200 Retained earnings 74,200 Notes payable (due in 9 years) 8,200 Office supplies 6 Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock Required: Prepare a classified balance sheet. Current assets Total current assets Plant assets Total plant assets Total assets Current liabilities Total current liabilities Long-term liabilities Total long-term liabilities Total liabilities 16,400 Land 22,000 Accumulated depreciation-Building 5,400 Mortgages payable (due in 5 years) 16,000 Cash 14,000 ADAMS COMPANY Balance Sheet December 31 Assets Liabilities Equity P Prev 8 of 8 $ $ $ ‒‒‒ --- T 0 0 0 0 0 0 0 Next $ 70,000 54,000 4,400 46,000 7,400 36,000 40,000
The adjusted trial balance of One Incorporated showed the following at year end: Debit Credit Accounts Payable 1,960,000 Accounts Receivable 1,280,000 Accrued Interest - Note A 30,000 Accrued Interest - Note X 200,000 Accrued Interest - Note Y 50,000 Accrued Interest- Note B 24,000 Accumulated Depreciation - Factory Building 325,000 Accumulated Depreciation- Admin. Building 200,000 Accumulated Depreciation of Machinery and Equipment 270,000 Administrative Building 1,000,000 Advances to Customers 148,000 Advances to Suppliers 149,000 Allowance for Doubtful Accounts 58,000 Bonds Payable 2,000,000 Cash 540,000 Cash fund for acquisition of Building 1,500,000…
Use the following selected accounts and amounts with normal balances from Juan Company's adjusted trial balance to prepare its classified balance sheet at December 31. Wages payable Building Cash Interest payable L. Juan, Capital $ 1,160 Accounts receivable 116,000 Accumulated depreciation-Building 20,880 Notes payable (due in 5 years) 2,320 Notes receivable (due in 14 years) 58,000 Accounts payable JUAN COMPANY Balance Sheet December 31 $ 8,120 34,800 59,160 23,200 12,760
Use the following selected accounts and amounts with normal balances from Andrea Company’s adjusted trial balance to prepare its classified balance sheet at December 31. Accounts payable $ 10,100 Accounts receivable $ 4,350 Land 33,500 Accumulated depreciation—Machinery 17,400 Cash 14,050 Notes payable (due in 7 years) 31,800 Salaries payable 1,350 Long-term investments in bonds 7,700 S. Andrea, Capital 47,600 Notes receivable (due in 4 years) 17,100 Machinery 22,800 Merchandise inventory 5,350 Prepaid insurance 3,400