Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton Company Adjusted Trial Balance December 31 Account No. Debit Balances Credit
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton Company Adjusted Trial Balance December 31 Account No. Debit Balances Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Use the adjusted
| Stockton Company Adjusted Trial Balance December 31 |
|||
| Account No. |
Debit Balances |
Credit Balances |
|
| Cash | 11 | 6,115 | |
| 12 | 2,051 | ||
| Prepaid Expenses | 13 | 701 | |
| Equipment | 18 | 13,396 | |
| 19 | 1,298 | ||
| Accounts Payable | 21 | 1,795 | |
| Notes Payable | 22 | 4,834 | |
| Bob Steely, Capital | 31 | 12,829 | |
| Bob Steely, Drawing | 32 | 961 | |
| Fees Earned | 41 | 7,174 | |
| Wages Expense | 51 | 3,090 | |
| Rent Expense | 52 | 896 | |
| Utilities Expense | 53 | 448 | |
| Depreciation Expense | 54 | 166 | |
| Miscellaneous Expense | 59 | 106 | |
| Totals | 27,930 | 27,930 |
Use the adjusted trial balance for Stockton Company. Determine the total liabilities for the period.
a.$6,629
b.$13,396
c.$4,834
d.$1,795
Expert Solution
Step 1
Total liabilities = Accounts Payable + Notes payable
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