Use the adjusted trial balance for Stockton Company to answer the question that follow.

Stockton Company
Adjusted Trial Balance
December 31
	Account No.	Debit Balances	Credit Balances
Cash	11	6,530
Accounts Receivable	12	2,100
Prepaid Expenses	13	700
Equipment	18	13,700
Accumulated Depreciation	19		1,100
Accounts Payable	21		1,900
Notes Payable	22		4,300
Bob Steely, Capital	31		12,940
Bob Steely, Drawing	32	790
Fees Earned	41		9,250
Wages Expense	51	2,500
Rent Expense	52	1,960
Utilities Expense	53	775
Depreciation Expense	54	250
Miscellaneous Expense	59	185
Totals		29,490	29,490

Use the adjusted trial balance for Stockton Company. Determine the total assets.

a.$23,030

b.$8,630

c.$9,330

d.$21,930

Expert Solution

Total assets for Stockton Company

Total assets for Stockton Company = Cash + Accounts receivables + Prepaid expenses + Equipment - Accumulated Depreciation

= $6,530 + $2,100 + $700 + $13,700 - $1,100

= $21,930

“Hence, the Total assets for Stockton Company will be (d). $21,930”

ekkarill92 answered 3 years ago

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