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Use the ledger account balances for Stockton Company below to answer the following five parts.   ...

Use the ledger account balances for Stockton Company below to answer the following five parts.   

Cash $7,530
Accounts Receivable (A/R) 2,100
Prepaid Expenses 700
Equipment 13,700
Accumulated Depreciation 1,100
Accounts Payable (A/P) 1,900
Notes Payable (N/P) 4,300
Stock 1,000
Retained Earnings 12,940
Dividends 790
Revenues 9,250
Wages Expense 2,500
Rent Expense 1,960
Utilities Expense 775
Depreciation Expense 250
SG&A Expense 185
Totals $30,490

Determine the net income (loss) for the period.

Determine the retained earnings ending balance.

Determine the total assets.

Determine the current assets.

Determine the total liabilities.

Solutions

Expert Solution

Income Statement of Stockton Company

Revenues 9250
Expenses
Wages Expense 2500
Rent Expense 1960
Utilities Expense 775
Depreciation Expense 250
SG&A Expense 185
Total Expenses 5670
Net Income $3580

Retained Earnings

Retained Earnings Opening 12940
Add: Net Income 3580
Less: Dividends (790)
Retained Earnings ending balance $15730

Balance sheet

Assets
Current Assets
Cash 7530
Accounts Receivable A/R 2100
Prepaid Expense 700
Total Current Asset 10330
Non-Current Asset
Equipment 13700
Accumulated Depreciation (1100)
Total Non-Current Asset 12600
Total Assets $22930
Liabilities
Current Liabilities
Accounts Payable 1900
Notes Payable 4300
Total Current Liabilities 6200
Owners Equity
Stock 1000
Retained Earnings 15730
Total Owners Equity 16730
Total Liabilities&Owners Equity $22930

total assets= $22930

current assets= $10330

total liabilities= $6200

ekkarill92 answered 2 years ago
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