The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,978 Accounts Receivable 2,666 Prepaid Expenses 718 Equipment 15,306 Accumulated Depreciation 12,972 Accounts Payable 1,770 Notes Payable 4,399 Common Stock 1,000 Retained Earnings 3,181 Dividends 747 Fees Earned 7,228 Wages Expense 2,621 Rent Expense 751 Utilities Expense 407 Depreciation Expense 247 Miscellaneous Expense 109 Totals 30,550 30,550 Determine the total assets. $30,550 $25,668 $4,181 $12,696
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,978 Accounts Receivable 2,666 Prepaid Expenses 718 Equipment 15,306 Accumulated Depreciation 12,972 Accounts Payable 1,770 Notes Payable 4,399 Common Stock 1,000 Retained Earnings 3,181 Dividends 747 Fees Earned 7,228 Wages Expense 2,621 Rent Expense 751 Utilities Expense 407 Depreciation Expense 247 Miscellaneous Expense 109 Totals 30,550 30,550 Determine the total assets. $30,550 $25,668 $4,181 $12,696
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
The following is the adjusted
| Stockton Company Adjusted Trial Balance December 31 |
||
| Cash | 6,978 | |
| 2,666 | ||
| Prepaid Expenses | 718 | |
| Equipment | 15,306 | |
| 12,972 | ||
| Accounts Payable | 1,770 | |
| Notes Payable | 4,399 | |
| Common Stock | 1,000 | |
| 3,181 | ||
| Dividends | 747 | |
| Fees Earned | 7,228 | |
| Wages Expense | 2,621 | |
| Rent Expense | 751 | |
| Utilities Expense | 407 | |
| Depreciation Expense | 247 | |
| Miscellaneous Expense | 109 | |
| Totals | 30,550 | 30,550 |
Determine the total assets.
$30,550
$25,668
$4,181
$12,696
Expert Solution
Step 1
Assets normally have debit balance. Increase in assets is debited and decrease in asset is credited.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education