com/ilm/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inpro0CalculatorUse the adjusted trial balance for Stockton Company to answer the question that follows.Stockton CompanyAdjusted Trial BalanceDecember 31Account No.Debit BalancesCredit BalancesCash116,530Accounts Receivable122,100Prepaid Expenses13700EquipmentAccumulated Depreciation1813,700191,100Accounts Payable211,900Notes Payable224,300Bob Steely, CapitalBob Steely, Drawing3112,94032790Fees Earned419,250Wages Expense512,500Rent ExpenseUtilities Expense521,96053775Depreciation ExpenseMiscellaneous Expense5425059185Totals29.49029,490Use the adjusted trial balance for Stockton Company. Determine the current assets.Oa. $21.930

Current assets are the assets which can be converted into cash easily or utilized within the normal…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11EA: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

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Read the following information and answer questions that follow.Tamapo prepared the following trial balance as at 31 December 2019 which contains errors: TamapoTrial Balance as at 31 December 2019P PMotor Vehicle at net 38,000.00 Sales 109,000.00Purchases 80,230.00Inventory 5,100.00Bank Overdraft 13,900.00Cash in Hand 1,500.00Drawings 6,500.00Discount Allowed 720.00Other Operating Expenses 9,350.00Wages and Salaries 16,500.00Capital 35,000.00Difference 60,700.00 188,250.00 188,250.00Required:Prepare a corrected trial balance as at 31 December 2019.
DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 5,672 Accounts Receivable 12 2,895 Prepaid Expenses 13 787 Equipment 18 15,108 Accumulated Depreciation 19 1,279 Accounts Payable 21 1,406 Notes Payable 22 5,764 Bob Steely, Capital 31 15,329 Bob Steely, Drawing 32 972 Fees Earned 41 6,188 Wages Expense 51 3,033 Rent Expense 52 789 Utilities Expense 53 358 Depreciation Expense 54 265 Miscellaneous Expense 59 87 Totals 29,966 29,966 Determine the total assets. a.$23,675 b.$23,183 c.$25,868 d.$24,462
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 5,015 Accounts Receivable 12 2,673 Prepaid Expenses 13 699 Equipment 18 13,450 Accumulated Depreciation 19 1,295 Accounts Payable 21 1,482 Notes Payable 22 5,876 Bob Steely, Capital 31 9,051 Bob Steely, Drawing 32 898 Fees Earned 41 8,971 Wages Expense 51 2,454 Rent Expense 52 713 Utilities Expense 53 482 Depreciation Expense 54 191 Miscellaneous Expense 59 100 Totals 26,675 26,675 Use the adjusted trial balance for Stockton Company. Determine the net income (loss) for the period. a.Net income is $26,675. b.Net loss is $7,967. c.Net loss is $5,031. d.Net income is $5,031.
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,044 Accounts Receivable 12 2,136 Prepaid Expenses 13 643 Equipment 18 14,501 Accumulated Depreciation 19 1,337 Accounts Payable 21 1,468 Notes Payable 22 5,923 Bob Steely, Capital 31 13,850 Bob Steely, Drawing 32 949 Fees Earned 41 6,418 Wages Expense 51 3,195 Rent Expense 52 765 Utilities Expense 53 449 Depreciation Expense 54 246 Miscellaneous Expense 59 68 Totals 28,996 28,996 Use the adjusted trial balance for Stockton Company. Determine the owner's equity ending balance for the period. a.$14,596 b.$18,240 c.$17,791 d.$19,005
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 5,074 Accounts Receivable 12 2,877 Prepaid Expenses 13 777 Equipment 18 15,351 Accumulated Depreciation 19 1,484 Accounts Payable 21 1,534 Notes Payable 22 4,111 Bob Steely, Capital 31 15,228 Bob Steely, Drawing 32 602 Fees Earned 41 6,592 Wages Expense 51 2,786 Rent Expense 52 790 Utilities Expense 53 359 Depreciation Expense 54 267 Miscellaneous Expense 59 66 Totals 28,949 28,949 Use the adjusted trial balance for Stockton Company. Determine the total assets. a.$25,613 b.$24,079 c.$23,302 d.$22,595
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,323 Accounts Receivable 12 2,013 Prepaid Expenses 13 636 Equipment 18 13,301 Accumulated Depreciation 19 1,235 Accounts Payable 21 1,477 Notes Payable 22 4,321 Bob Steely, Capital 31 12,784 Bob Steely, Drawing 32 668 Fees Earned 41 7,077 Wages Expense 51 2,515 Rent Expense 52 724 Utilities Expense 53 427 Depreciation Expense 54 220 Miscellaneous Expense 59 67 Totals 26,894 26,894 Use the adjusted trial balance for Stockton Company. Determine the net income (loss) for the period. a.Net loss is $6,066. b.Net income is $3,124. c.Net income is $26,894. d.Net loss is $3,124.
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,946 Accounts Receivable 12 2,302 Prepaid Expenses 13 632 Equipment 18 14,319 Accumulated Depreciation 19 1,405 Accounts Payable 21 1,499 Notes Payable 22 4,301 Bob Steely, Capital 31 15,223 Bob Steely, Drawing 32 634 Fees Earned 41 7,214 Wages Expense 51 3,364 Rent Expense 52 829 Utilities Expense 53 351 Depreciation Expense 54 172 Miscellaneous Expense 59 93 Totals 29,642 29,642 Determine the net income (loss) for the period.
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,809 Accounts Receivable 12 2,710 Prepaid Expenses 13 764 Equipment 18 13,545 Accumulated Depreciation 19 1,359 Accounts Payable 21 1,472 Notes Payable 22 4,388 Bob Steely, Capital 31 15,721 Bob Steely, Drawing 32 791 Fees Earned 41 6,067 Wages Expense 51 3,029 Rent Expense 52 734 Utilities Expense 53 302 Depreciation Expense 54 260 Miscellaneous Expense 59 63 Totals 29,007 29,007 Use the adjusted trial balance for Stockton Company. Determine the current assets. a.$9,519 b.$29,007 c.$22,469 d.$10,283
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,115 Accounts Receivable 12 2,051 Prepaid Expenses 13 701 Equipment 18 13,396 Accumulated Depreciation 19 1,298 Accounts Payable 21 1,795 Notes Payable 22 4,834 Bob Steely, Capital 31 12,829 Bob Steely, Drawing 32 961 Fees Earned 41 7,174 Wages Expense 51 3,090 Rent Expense 52 896 Utilities Expense 53 448 Depreciation Expense 54 166 Miscellaneous Expense 59 106 Totals 27,930 27,930 Use the adjusted trial balance for Stockton Company. Determine the total liabilities for the period. a.$6,629 b.$13,396 c.$4,834 d.$1,795
From the adjusting entries below, prepare the reversing entry(ies) that would be needed for January 1. GENERAL JOURNALPage 1 DateDescriptionPostRef. DebitCreditAdjusting EntriesDec.31Work in Process Inventory17,333.00Factory Overhead17,333.0031Interest Receivable2,367.00Interest Revenue2,367.0031Office Supplies Expense6,319.00Office Supplies6,319.0031Factory Overhead15,841.00Factory Supplies15,841.0031Bad Debt Expense4,320.00Allowance for Bad Debts4,320.0031Factory Overhead1,927.00Prepaid Insurance1,927.0031Factory Overhead6,210.00Accumulated Depreciation—FactoryBuilding6,210.0031Factory Overhead14,253.00Accumulated Depreciation—FactoryEquipment14,253.00
Balance Sheet The following is a list (in random order) of KIP International Products Companys December 31, 2019, balance sheet accounts: Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019. 2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019.

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