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Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 6,616   Accounts Receivable 2,752   Prepaid Expenses 744   Equipment 14,898   Accumulated Depreciation   9,632 Accounts Payable   1,420 Notes Payable   4,773 Common Stock   1,000 Retained Earnings   5,496 Dividends 675   Fees Earned   7,067 Wages Expense 2,008   Rent Expense 839   Utilities Expense 498   Depreciation Expense 273   Miscellaneous Expense 85   Total 29,388 29,388 Determine the total liabilities for the period. a. $15,378 b. $6,193 c. $6,496 d. $15,825

Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 6,616   Accounts Receivable 2,752   Prepaid Expenses 744   Equipment 14,898   Accumulated Depreciation   9,632 Accounts Payable   1,420 Notes Payable   4,773 Common Stock   1,000 Retained Earnings   5,496 Dividends 675   Fees Earned   7,067 Wages Expense 2,008   Rent Expense 839   Utilities Expense 498   Depreciation Expense 273   Miscellaneous Expense 85   Total 29,388 29,388 Determine the total liabilities for the period. a. $15,378 b. $6,193 c. $6,496 d. $15,825

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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  1. Use the adjusted trial balance for Stockton Company to answer the question that follows.

    Stockton CompanyAdjusted Trial BalanceDecember 31
    Line Item Description Amount Amount
    Cash 6,616  
    Accounts Receivable 2,752  
    Prepaid Expenses 744  
    Equipment 14,898  
    Accumulated Depreciation   9,632
    Accounts Payable   1,420
    Notes Payable   4,773
    Common Stock   1,000
    Retained Earnings   5,496
    Dividends 675  
    Fees Earned   7,067
    Wages Expense 2,008  
    Rent Expense 839  
    Utilities Expense 498  
    Depreciation Expense 273  
    Miscellaneous Expense 85  
    Total 29,388 29,388

    Determine the total liabilities for the period.

    a. $15,378
    b. $6,193
    c. $6,496
    d. $15,825
     
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