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 1 year ago

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