Stockton Company Adjusted Trial Balance December 31 Cash 6,243 Accounts Receivable 2,549 Prepaid Expenses 771 Equipment 14,816 Accumulated Depreciation 7,657 Accounts Payable 1,758 Notes Payable 4,696 Common Stock 1,000 Retained Earnings 6,897 Dividends 1,000 Fees Earned 7,628 Wages Expense 2,883 Rent Expense 746 Utilities Expense 328 Depreciation Expense 188 Miscellaneous Expense 112 Totals 29,636 29,636 Determine the total liabilities for the period. O S14,111 O $16,722 O$64S4

Stockton Company Adjusted Trial Balance December 31 Cash 6,243 Accounts Receivable 2,549 Prepaid Expenses 771 Equipment 14,816 Accumulated Depreciation 7,657 Accounts Payable 1,758 Notes Payable 4,696 Common Stock 1,000 Retained Earnings 6,897 Dividends 1,000 Fees Earned 7,628 Wages Expense 2,883 Rent Expense 746 Utilities Expense 328 Depreciation Expense 188 Miscellaneous Expense 112 Totals 29,636 29,636 Determine the total liabilities for the period. O S14,111 O $16,722 O$64S4

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.2MBA: Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on...

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Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on the liquidity metric working capital and profitability metric gross profit percent. Indicate the gross profit percent for each sale (rounding to one decimal place) in parentheses next to the effect of the sale on the company’s ability to attain an overall gross profit percent of 30%.
The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
Requirement: a. What is the effect of the errors on Biden's December 31, 20x2 retained earnings? net effects of the errors on Biden's 20x1 and 20x2 profit or loss, repesctively = overstated by P24,000
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Pleasantville Company had the following balance sheet on January 1. Pleasantville CompanyBalance SheetJanuary 1 1Cash$175,000.00Accounts Payable$57,000.002Inventory157,000.00Notes Payable250,000.003Property, Plant, and Equipment200,000.00Mortgage Payable150,000.004Patent25,000.00Retained Earnings100,000.005$557,000.00$557,000.00 On January 2, Carrs Company came to an agreement to purchase Pleasantville by acquiring all of its outstanding shares for $575,000 in cash. On that date in time, the fair value of their inventory was $150,000, and the fair value of the equipment was $225,000. The book value equals the fair value for all other accounts listed.Required:1. Compute the goodwill associated with the purchase of Pleasantville.2. Prepare the journal entry necessary at January 2, to record the acquisition of Pleasantville.
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