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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 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

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 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
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