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Use the adjusted trial balance for Stockton Company to answer the questions that follow. (19-23) Stockton...

  1. Use the adjusted trial balance for Stockton Company to answer the questions that follow. (19-23)

    Stockton Company

    Adjusted Trial Balance

    December 31

    Cash

    6,530

    Accounts Receivable

    2,100

    Prepaid Expenses

       700

    Equipment

    13,700

    Accumulated Depreciation

    1,100

    Accounts Payable

    1,900

    Notes Payable  

    4,300

    Bob Steely, Capital

    12,940

    Bob Steely, Withdrawals

    790

    Fees Earned

    9,250

    Wages Expense

    2,500

    Rent Expense

    1,960

    Utilities Expense

    775

    Depreciation Expense

    250

    Miscellaneous Expense

          185

    ​        

    Totals

    29,490

    29,490

    ​

    Determine the owner’s equity ending balance.

    12,150

    15,730

    6,480

    21,400

2 points   

QUESTION 20

  1. Determine the net income (loss) for the period.

    net income is 9,250

    net loss is 790

    net loss is 5,670

    net income is 3,580

2 points   

QUESTION 21

  1. Determine the total assets.

    8,630

    23,030

    21,930

    9,330

2 points   

QUESTION 22

  1. Determine the current assets.

    23,030

    9,330

    21,930

    8,630

2 points   

QUESTION 23

  1. Determine the total liabilities for the period.

    1,900

    6,200

    4,300

    20,240

Solutions

Expert Solution

Question 19

Correct answer----------$13,570

Working

Beginning equity balance $ 12,940.00
Net income (9250-2500-1960-775-250-185) $     3,580.00
Less: Withdrawals   $        790.00
Ending equity balance $ 15,730.00

Question 20

Correct answer----------net income is 3,580

Working

Net income (9250-2500-1960-775-250-185) $     3,580.00

Question 21

Correct answer----------$21,930

Working

Cash $    6,530.00
Accounts Receivable $    2,100.00
Prepaid Expenses $       700.00
Equipment Net ( $ 12,600.00
Total assets $                21,930.00

Question 22

Correct answer----------$9,330

Working

Cash $    6,530.00
Accounts Receivable $    2,100.00
Prepaid Expenses $       700.00
Total assets $                   9,330.00

Question 23

Correct answer----------$6,200

Working

Accounts Payable $    1,900.00
Notes Payable    $    4,300.00
Total liabilities $                   6,200.00

ekkarill92 answered 1 year ago
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