Question

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.

Answer 1

Revenues		$                       9,250
Expenses:
Wages expenses	$          2,500
Rent expenses	$          1,960
Utilities expenses	$             775
Depreciation expenses	$             250
SG&A expenses	$             185
Total Expenses		$                       5,670
Net Income		$                       3,580
Retained Earnings,Beginning		$                     12,940
Add:Net Income		$                       3,580
Less:Dividends		$                         -790
Retained Earnings,Ending		$                     15,730
Cash	$          7,530
Accounts Receivable	$          2,100
Prepaid expenses	$             700
Total Current Assets		$                     10,330
Equipment, Gross	$        13,700
Less:Accumulated Depreciation	$         -1,100
Equipment, Net		$                     12,600
Total Assets		$                     22,930
Accounts Payable	$          1,900
Notes Payable	$          4,300
Total Liabilities		$                       6,200
Common Stock	$          1,000
Retained earnings	$        15,730
Total Shareholder's Equity		$                     16,730
Total Liabilities and Shareholder's Equity		$                     22,930