provide the income statement and the balance sheet
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provide the income statement and the
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- 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.A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Assets Liabilities Owner’s Equity Cash Inventory Equipment AccountsPayable WagesPayable CommonStock RetainedEarnings 1 $50,000 $50,000 2 (6,000) $6,000 3 $25,000 $25,000 4 1,250 $1,250 5 (750) (750) 6 600 (600) 7 $3,500 (3,500) 8 3,200 3,200 9 250 (250) 10 (1,000) 1,000 Ending Balance $ $ $ $ $ $ $ $ $ B. Create the income statement. Use minus sign to indicate the loss. Pancake Palace Income Statement For the Month Ended July 31 $ $ C. Create the statement of owner’s equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Statement of Owner's Equity…
- 32. Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,912 Accounts Receivable 12 2,948 Prepaid Expenses 13 689 Equipment 18 14,440 Accumulated Depreciation 19 1,203 Accounts Payable 21 1,683 Notes Payable 22 5,756 Bob Steely, Capital 31 14,457 Bob Steely, Drawing 32 732 Fees Earned 41 6,268 Wages Expense 51 2,243 Rent Expense 52 796 Utilities Expense 53 383 Depreciation Expense 54 161 Miscellaneous Expense 59 63 Totals 29,367 29,367 Use the adjusted trial balance for Stockton Company. Determine the current assets. a.$29,367 b.$10,549 c.$23,786 d.$9,860Account Titles Debit CreditCash $ 7Accounts Receivable 3Supplies 3Equipment 9Accumulated Depreciation $ 2Software 6Accumulated Amortization 2Accounts Payable 4Notes Payable (short-term) 0Salaries and Wages Payable 0Interest Payable 0Income Taxes Payable 0Deferred Revenue 0Common Stock 15Retained Earnings 5Service Revenue 0Depreciation Expense 0Amortization Expense 0Salaries and Wages Expense 0Supplies Expense 0Interest Expense 0Income Tax Expense 0Totals $ 28 $ 28Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $25 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $28 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $58, including $8 on credit and $50 received in…Use the following adjusted trial balance to answer questions 22-25.Cash $ 6,530Accounts Receivable 2,450Prepaid Expenses 880Equipment 18,490Accounts Payable 1,800Loan Payable 10,600Owner’s Equity 12,940Fees Earned 9,750Marketing Expense 1,685Rent Expense 1,960Utilities Expense 345Wages Expense 2,750Totals $35,090 $35,09022. Net income for the period is:A. $9,750B. $6,530C. $3,010D. None of these23. Total assets on the balance sheet will be:A. $35,090B. $28,350C. $9,860D. None of these24. Total liabilities on the balance sheet will be:A. $1,800B. $10,600C. $25,340D. None of these25. Owner’s Equity on the balance sheet will be $12,940.A. TrueB. False
- 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.$22,595Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 5,280 Accounts Receivable 12 2,110 Prepaid Expenses 13 671 Equipment 18 13,997 Accumulated Depreciation 19 1,252 Accounts Payable 21 1,586 Notes Payable 22 5,638 Bob Steely, Capital 31 10,985 Bob Steely, Drawing 32 930 Fees Earned 41 7,139 Wages Expense 51 2,128 Rent Expense 52 867 Utilities Expense 53 315 Depreciation Expense 54 239 Miscellaneous Expense 59 63 Totals 26,600 26,600 Use the adjusted trial balance for Stockton Company. Determine the current assets3. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019
- 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.$24,462Use 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.$19,005Given the following adjusted trial balance: Debit Credit Cash $2028 Accounts receivable 2560 Inventory 3811 Prepaid rent 105 Equipment 370 Accumulated depreciation-equipment $63 Accounts payable 100 Unearned service revenue 149 Common stock 266 Retained earnings 8060 Service revenue 449 Interest revenue 68 Salaries and wages expense 200 Travel expense 81 Total $9155 $9155 Net income for the year is: a.) $517. b.) $723. c.) $463. d.) $236.
