Use the adjusted trial balance for Stockton Company to answer the questions that follow. (19-23) Stockton Company
Question:
Use the adjusted trial balance for Stockton Company to answer the questions that follow. (19-23)
Stockton Company
Adjusted Trial Balance
December 31
Cash
6,530
Accounts Receivable
2,100
Prepaid Expenses
700
Equipment
13,700
Accumulated Depreciation
1,100
Accounts Payable
1,900
Notes Payable
4,300
Bob Steely, Capital
12,940
Bob Steely, Withdrawals
790
Fees Earned
9,250
Wages Expense
2,500
Rent Expense
1,960
Utilities Expense
775
Depreciation Expense
250
Miscellaneous Expense
185
Totals
29,490
29,490
Determine the owner’s equity ending balance.
12,150
15,730
6,480
21,400
2 points
QUESTION 20
Determine the net income (loss) for the period.
net income is 9,250
net loss is 790
net loss is 5,670
net income is 3,580
2 points
QUESTION 21
Determine the total assets.
8,630
23,030
21,930
9,330
2 points
QUESTION 22
Determine the current assets.
23,030
9,330
21,930
8,630
2 points
QUESTION 23
Determine the total liabilities for the period.
1,900
6,200
4,300
20,240
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood