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

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 5,007    
Accounts Receivable 12 2,631    
Prepaid Expenses 13 767    
Equipment 18 14,380    
Accumulated Depreciation 19     1,268
Accounts Payable 21     1,492
Notes Payable 22     5,433
Bob Steely, Capital 31     12,689
Bob Steely, Drawing 32 969    
Fees Earned 41     7,484
Wages Expense 51 2,906    
Rent Expense 52 868    
Utilities Expense 53 496    
Depreciation Expense 54 267    
Miscellaneous Expense 59 75    
Totals     28,366 28,366

Use the adjusted trial balance for Stockton Company. Determine the total liabilities for the period.

a.$5,433

b.$14,380

c.$6,925

d.$1,492

Solutions

Expert Solution

Option c) is correct.i.e $6,925

Total Liabilities = account payable + note payable
= 1492 + 5433 =$ 6,925
Accumulated depreciation will not be considered as liabilities because there is no obligation on entity for its payment to outsiders.

ekkarill92 answered 3 years ago
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