Question

In: Accounting

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

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

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