The following is the adjusted trial balance for Stockton Company.Stockton CompanyAdjusted Trial BalanceDecember 31Cash6,146Accounts Receivable2,044Prepaid Expenses745Equipment14,532Accumulated Depreciation8,413Accounts Payable1,533Notes Payable5,563Common Stock1,000Retained Earnings4,769Dividends910Fees Earned7,147Wages Expense2,608Rent Expense736Utilities Expense418Depreciation Expense212Miscellaneous Expense74Totals28,42528,425Determine the retained earnings ending balance.Oa. $5,769Ob. $28,425Oc. $3,099Od. $6,958

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Description: The following is the adjusted trial balance for Stockton Company.Stockton CompanyAdjusted Trial BalanceDecember 31Cash6,146Accounts Receivable2,044Prepaid Expenses745Equipment14,532Accumulated Depreciation8,413Accounts Payable1,533Notes Payable5,563

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The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,146 Accounts Receivable 2,044 Prepaid Expenses 745 Equipment 14,532 Accumulated Depreciation 8,413 Accounts Payable 1,533 Notes Payable 5,563 Common Stock 1,000 Retained Eamings 4,769 Dividends 910 Fees Earned 147,ר Wages Expense 2,608 Rent Expense 736 Utilities Expense 418 Depreciation Expense 212 Miscellaneous Expense 74 Totals 28,425 28,425 Determine the retained earnings ending balance. Oa. $5.769 Оb. 828.425 Oc. $3,099 Od. $6.958

The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,146 Accounts Receivable 2,044 Prepaid Expenses 745 Equipment 14,532 Accumulated Depreciation 8,413 Accounts Payable 1,533 Notes Payable 5,563 Common Stock 1,000 Retained Eamings 4,769 Dividends 910 Fees Earned 147,ר Wages Expense 2,608 Rent Expense 736 Utilities Expense 418 Depreciation Expense 212 Miscellaneous Expense 74 Totals 28,425 28,425 Determine the retained earnings ending balance. Oa. $5.769 Оb. 828.425 Oc. $3,099 Od. $6.958

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 5MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at...

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Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense at December 31, 2020, if the double-declining-balance method were used? a. $187,200 b. $192,000 c. $195,200 d. $312, 000
The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2 Dec. 31, 20Y1AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 918,000 $ 964,800Accounts receivable (net) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 828,900 761,940Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,268,460 1,162,980Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 35,100Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 315,900 479,700Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,462,500 900,900Accumulated depreciation—buildings . . . . . . . . . . . . . . . . . . . . . . . . . . .…
Prepare the Statement of Comprehensive Income of Royal Traders for the year ended 28February 2021.INFORMATIONThe trial balance, adjustments and additional information given below were extracted from the accounting records ofRoyal Traders on 28 February 2021, the end of the financial year.ROYAL TRADERSPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2021Balance sheet accounts sectionCapital 301 000Drawings 134 720Vehicles at cost 360 000Equipment at cost 240 000Accumulated depreciation on vehicles 186 000Accumulated depreciation on equipment 62 000Trading inventory 140 000Debtors control 62 000Provision for bad debts 8 000Bank 42 800Cash float 1 000 Creditors control 82 800Mortgage loan: Leo Bank (18% p.a.) 160 000 Nominal accounts section Sales 1 000 000Cost of sales 480 000Sales returns 8 000Salaries and wages 178 000Bad debts 2 000Stationery 4 000Rent expense 42 880Motor expenses 34 000Bad debts recovered 2 000Telephone 14 000Electricity and water 24 000Bank charges 6 000Insurance 12…
Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
The following is the adjusted trial balance for Stockton Company. Stockton CompanyAdjusted Trial BalanceDecember 31 Cash 6,565 Accounts Receivable 2,462 Prepaid Expenses 715 Equipment 15,360 Accumulated Depreciation 6,038 Accounts Payable 1,414 Notes Payable 4,233 Common Stock 1,000 Retained Earnings 9,561 Dividends 900 Fees Earned 7,300 Wages Expense 2,094 Rent Expense 725 Utilities Expense 455 Depreciation Expense 154 Miscellaneous Expense 116 Totals 29,546 29,546 Determine the total liabilities for the period. $11,685 $10,561 $5,647 $19,064
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?
The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…
The following is the adjusted trial balance for Stockton Company. Stockton CompanyAdjusted Trial BalanceDecember 31 Cash 6,170 Accounts Receivable 2,090 Prepaid Expenses 602 Equipment 14,152 Accumulated Depreciation 7,221 Accounts Payable 1,728 Notes Payable 4,103 Common Stock 1,000 Retained Earnings 6,885 Dividends 715 Fees Earned 6,746 Wages Expense 2,549 Rent Expense 806 Utilities Expense 359 Depreciation Expense 186 Miscellaneous Expense 54 Totals 27,683 27,683 Determine the total assets. a.$23,014 b.$7,885 c.$15,793 d.$27,683
The adjusted trial balance of Mark Cooper Co. as of December 31, 2020, contains the following. MARK COOPER CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,287 Accounts Receivable 7,735 Prepaid Rent 3,095 Equipment 18,865 Accumulated Depreciation-Equipment $5,710 Notes Payable 6,515 Accounts Payable 6,287 Common Stock 20,815 Retained Earnings 12,125 Dividends 3,815 Service Revenue 12,405 Salaries and Wages Expense 7,655 Rent Expense 2,198 Depreciation Expense 207 Interest Expense 145 Interest Payable 145 $64,002 $64,002 (a) Prepare an income statement. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) MARK COOPER CO.Income Statementchoose the…
The adjusted trial balance of Mark Cooper Co. as of December 31, 2020, contains the following. MARK COOPER CO.ADJUSTED TRIAL BALANCEDECEMBER 31, 2020 Debit Credit Cash $20,287 Accounts Receivable 7,735 Prepaid Rent 3,095 Equipment 18,865 Accumulated Depreciation-Equipment $5,710 Notes Payable 6,515 Accounts Payable 6,287 Common Stock 20,815 Retained Earnings 12,125 Dividends 3,815 Service Revenue 12,405 Salaries and Wages Expense 7,655 Rent Expense 2,198 Depreciation Expense 207 Interest Expense 145 Interest Payable 145 $64,002 $64,002 (a) Correct answer icon Your answer is correct. Prepare an income statement. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)…
Below is a trial balance of Ali Mamat Enterprise, extracted after one year’s trading. Ali Mamat EnterpriseTrial Balance as at 31 December 2019Particulars Debit (RM) Credit (RM)Sales 190,576Purchases 119,832Salaries 56,527Motor expenses 2,416Rent 1,894Insurance 372General expenses 85Premises 95,420Motor vehicles 16,594Account receivables 26,740Account payable 16,524Cash at bank 16,519Cash in hand 342Drawings 8,425Capital 138,066TOTAL 345,166 345,166 Required:i. Statement of Profit or Loss and Others Comprehensive Income for the yearended 31 December 2019.ii. Statement of Financial Position as at 31 December 2019.
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.