Stockton Company Adjusted Trial Balance December 31 Account No. 11 12 13 18 19 21 22 31 32 41 51 52 53 54 59 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals Debit Credit Balances Balances 6,613 2,138 636 13,736 1,396 1,743 5,881 9,983 8,576 753 2,069 818 478 266 72 27,579 27,579

Stockton Company Adjusted Trial Balance December 31 Account No. 11 12 13 18 19 21 22 31 32 41 51 52 53 54 59 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals Debit Credit Balances Balances 6,613 2,138 636 13,736 1,396 1,743 5,881 9,983 8,576 753 2,069 818 478 266 72 27,579 27,579

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
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