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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 5,958   Accounts Receivable 2,420   Prepaid Expenses 698   Equipment 15,243   Accumulated Depreciation   8,458 Accounts Payable   1,600 Notes Payable   5,787 Common Stock   1,000 Retained Earnings   4,056 Dividends 750   Fees Earned   8,563 Wages Expense 2,843   Rent Expense 786   Utilities Expense 436   Depreciation Expense 257   Miscellaneous Expense 73   Total 29,464 29,464 Determine the retained earnings ending balance. a. $5,056 b. $4,168 c. $7,474 d. $29,464

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 5,958   Accounts Receivable 2,420   Prepaid Expenses 698   Equipment 15,243   Accumulated Depreciation   8,458 Accounts Payable   1,600 Notes Payable   5,787 Common Stock   1,000 Retained Earnings   4,056 Dividends 750   Fees Earned   8,563 Wages Expense 2,843   Rent Expense 786   Utilities Expense 436   Depreciation Expense 257   Miscellaneous Expense 73   Total 29,464 29,464 Determine the retained earnings ending balance. a. $5,056 b. $4,168 c. $7,474 d. $29,464

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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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 5,958  
Accounts Receivable 2,420  
Prepaid Expenses 698  
Equipment 15,243  
Accumulated Depreciation   8,458
Accounts Payable   1,600
Notes Payable   5,787
Common Stock   1,000
Retained Earnings   4,056
Dividends 750  
Fees Earned   8,563
Wages Expense 2,843  
Rent Expense 786  
Utilities Expense 436  
Depreciation Expense 257  
Miscellaneous Expense 73  
Total 29,464 29,464

Determine the retained earnings ending balance.

a. $5,056
b. $4,168
c. $7,474
d. $29,464
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