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Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton Company Adjusted Trial Balance December 31 Account Debit Credit No. Balances Balances Cash 11 6,751 Accounts Receivable 12 2,236 Prepaid Expenses 13 615 Equipment 18 14,106 Accumulated Depreciation 19 1,330 Accounts Payable 21 1,502 Notes Payable 22 4,235 Bob Steely, Capital 31 14,737 Bob Steely, Drawing 32 860 Fees Earned 41 6,630 Wages Expense 51 2,323 Rent Expense 52 721 Utilities Expense 53 489 Depreciation Expense 54 252 Miscellaneous Expense 59 81 Totals 28,434 28,434 Use the adjusted trial balance for Stockton Company. Determine the total assets. a.$22,378 b.$23,708 c.$23,093 d.$25,210

Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton Company Adjusted Trial Balance December 31 Account Debit Credit No. Balances Balances Cash 11 6,751 Accounts Receivable 12 2,236 Prepaid Expenses 13 615 Equipment 18 14,106 Accumulated Depreciation 19 1,330 Accounts Payable 21 1,502 Notes Payable 22 4,235 Bob Steely, Capital 31 14,737 Bob Steely, Drawing 32 860 Fees Earned 41 6,630 Wages Expense 51 2,323 Rent Expense 52 721 Utilities Expense 53 489 Depreciation Expense 54 252 Miscellaneous Expense 59 81 Totals 28,434 28,434 Use the adjusted trial balance for Stockton Company. Determine the total assets. a.$22,378 b.$23,708 c.$23,093 d.$25,210

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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--- ### Adjusted Trial Balance for Stockton Company (December 31) **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 Balances** | |------------------------|--------------------|----------------------| | Cash | 6,751 | | | Accounts Receivable | 2,236 | | | Prepaid Expenses | 615 | | | Equipment | 14,106 | | | Accumulated Depreciation | | 1,330 | | Accounts Payable | | 1,502 | | Notes Payable | | 4,235 | | Bob Steely, Capital | | 14,737 | | Bob Steely, Drawing | 860 | | | Fees Earned | | 6,630 | | Wages Expense | 2,323 | | | Rent Expense | 721 | | | Utilities Expense | 489 | | | Depreciation Expense | 252 | | | Miscellaneous Expense | 81 | | | **Totals** | **28,434** | **28,434** | **Question:** Use the adjusted trial balance for Stockton Company. Determine the total assets. **Options:** a. $22,378 b. $23,708 c. $23,093 d. $25,210 --- **Explanation of the Table:** The table above shows the adjusted trial balance for Stockton Company as of December 31. It lists various accounts with their corresponding debit and credit balances. The debit balances include assets and expenses, while the credit balances include liabilities, owner’s equity, and revenues. The total of debit balances and the total of credit balances both equal $28,434, indicating that the accounts balance as they should in a trial balance. To determine the total assets for Stockton Company, add up the debit balances of asset accounts (Cash, Accounts Receivable, Prepaid Expenses, and Equipment). **Total Assets Calculation:** Cash: $6,751 Accounts Rece
Transcribed Image Text:--- ### Adjusted Trial Balance for Stockton Company (December 31) **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 Balances** | |------------------------|--------------------|----------------------| | Cash | 6,751 | | | Accounts Receivable | 2,236 | | | Prepaid Expenses | 615 | | | Equipment | 14,106 | | | Accumulated Depreciation | | 1,330 | | Accounts Payable | | 1,502 | | Notes Payable | | 4,235 | | Bob Steely, Capital | | 14,737 | | Bob Steely, Drawing | 860 | | | Fees Earned | | 6,630 | | Wages Expense | 2,323 | | | Rent Expense | 721 | | | Utilities Expense | 489 | | | Depreciation Expense | 252 | | | Miscellaneous Expense | 81 | | | **Totals** | **28,434** | **28,434** | **Question:** Use the adjusted trial balance for Stockton Company. Determine the total assets. **Options:** a. $22,378 b. $23,708 c. $23,093 d. $25,210 --- **Explanation of the Table:** The table above shows the adjusted trial balance for Stockton Company as of December 31. It lists various accounts with their corresponding debit and credit balances. The debit balances include assets and expenses, while the credit balances include liabilities, owner’s equity, and revenues. The total of debit balances and the total of credit balances both equal $28,434, indicating that the accounts balance as they should in a trial balance. To determine the total assets for Stockton Company, add up the debit balances of asset accounts (Cash, Accounts Receivable, Prepaid Expenses, and Equipment). **Total Assets Calculation:** Cash: $6,751 Accounts Rece
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