The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,727 Accounts Receivable 2,846 Prepaid Expenses 639 Equipment 13,693 Accumulated Depreciation 6,572 Accounts Payable 1,672 Notes Payable 4,459 Common Stock 1,000 Retained Earnings 7,019 Dividends 626 Fees Earned 8,065 Wages Expense 2,690 Rent Expense 725 Utilities Expense 465 Depreciation Expense 262 Miscellaneous Expense 114 Totals 28,787 28,787 Determine the total liabilities for the period. $17,333 $8,019 $12,703 $6,131

The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,727 Accounts Receivable 2,846 Prepaid Expenses 639 Equipment 13,693 Accumulated Depreciation 6,572 Accounts Payable 1,672 Notes Payable 4,459 Common Stock 1,000 Retained Earnings 7,019 Dividends 626 Fees Earned 8,065 Wages Expense 2,690 Rent Expense 725 Utilities Expense 465 Depreciation Expense 262 Miscellaneous Expense 114 Totals 28,787 28,787 Determine the total liabilities for the period. $17,333 $8,019 $12,703 $6,131

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 4PB

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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 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 6,507 Accounts Receivable 12 2,836 Prepaid Expenses 13 767 Equipment 18 14,507 Accumulated Depreciation 19 1,376 Accounts Payable 21 1,688 Notes Payable 22 4,961 Bob Steely, Capital 31 15,159 Bob Steely, Drawing 32 675 Fees Earned 41 6,224 Wages Expense 51 2,547 Rent Expense 52 818 Utilities Expense 53 491 Depreciation Expense 54 190 Miscellaneous Expense 59 70 Totals 29,408 29,408 Determine the current assets. a.$9,343 b.$10,110 c.$23,241 d.$29,408
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 6,175 Accounts Receivable 12 2,000 Prepaid Expenses 13 696 Equipment 18 13,116 Accumulated Depreciation 19 1,346 Accounts Payable 21 1,501 Notes Payable 22 5,170 Bob Steely, Capital 31 12,044 Bob Steely, Drawing 32 932 Fees Earned 41 7,010 Wages Expense 51 2,647 Rent Expense 52 706 Utilities Expense 53 499 Depreciation Expense 54 182 Miscellaneous Expense 59 118 Totals 27,071 27,071 Determine the total assets. a.$20,641 b.$21,987 c.$23,488 d.$21,291
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
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,229 Accounts Receivable 12 2,959 Prepaid Expenses 13 774 Equipment 18 15,707 Accumulated Depreciation 19 1,478 Accounts Payable 21 1,752 Notes Payable 22 4,562 Bob Steely, Capital 31 14,878 Bob Steely, Drawing 32 883 Fees Earned 41 8,566 Wages Expense 51 3,227 Rent Expense 52 858 Utilities Expense 53 312 Depreciation Expense 54 216 Miscellaneous Expense 59 71 Totals 31,236 31,236 Determine the total liabilities for the period. a.$4,562 b.$1,752 c.$6,314 d.$15,707
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…
The adjusted trial balance of Edward Cooper Co. as of December 31, 2020, contains the following. EDWARD COOPER CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,562 Accounts Receivable 8,010 Prepaid Rent 3,370 Equipment 19,140 Accumulated Depreciation-Equipment $5,985 Notes Payable 6,790 Accounts Payable 6,562 Common Stock 21,090 Retained Earnings 12,400 Dividends 4,090 Service Revenue 12,680 Salaries and Wages Expense 7,930 Rent Expense 2,178 Depreciation Expense 227 Interest Expense 165 Interest Payable 165 $65,672 $65,672 Prepare an income statement Prepare a statement of retained earnings. Prepare a classified balance sheet.
The comparative balance sheet of Harris Industries Inc. at December 31, 20Y4 and 20Y3, is as follows: Dec. 31, 20Y4 Dec. 31, 20Y3AssetsCash $443,240 $360,920Accounts receivable (net) 665,280 592,200Inventories 887,880 1,022,560Prepaid expenses 31,640 25,200Land 302,400 302,400Buildings 1,713,600 1,134,000Accumulated depreciation—buildings (466,200) (414,540)Machinery and equipment 781,200 781,200Accumulated depreciation—machinery and equipment…
The adjusted trial balance of Anderson Cooper Co. as of December 31, 2020, contains the following. Anderson Cooper Co.Adjusted Trial BalanceDecember 31, 2020 Dr. Cr. Cash $19,472 Accounts Receivable 6,920 Prepaid Rent 2,280 Equipment 18,050 Accumulated Depreciation—Equipment $ 4,895 Notes Payable 5,700 Accounts Payable 5,472 Common Stock 20,000 Retained Earnings 11,310 Dividends 3,000 Service Revenue 11,590 Salaries and Wages Expense 6,840 Rent Expense 2,260 Depreciation Expense 145 Interest Expense 83 Interest Payable 00,000 83 $59,050 $59,050 Instructions a. Prepare an income statement. b. Prepare a retained earnings statement. c. Prepare a classified balance sheet.

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Stockton Company Adjusted Trial Balance December 31
Cash	6,727
Accounts Receivable	2,846
Prepaid Expenses	639
Equipment	13,693
Accumulated Depreciation		6,572
Accounts Payable		1,672
Notes Payable		4,459
Common Stock		1,000
Retained Earnings		7,019
Dividends	626
Fees Earned		8,065
Wages Expense	2,690
Rent Expense	725
Utilities Expense	465
Depreciation Expense	262
Miscellaneous Expense	114
Totals	28,787	28,787