Use the adjusted trial balance for Stockton Company to answer the question that follows.Stockton CompanyAdjusted Trial BalanceDecember 31 Account No. Debit BalancesCredit BalancesCash116,530 Accounts Receivable12 2,100 Prepaid Expenses13    700 Equipment18 13,700 Accumulated Depreciation19  1,100Accounts Payable21  1,900Notes Payable  22  4,300Bob Steely, Capital31  12,940Bob Steely, Drawing32 790 Fees Earned41  9,250Wages Expense51 2,500 Rent Expense52 1,960 Utilities Expense53 775 Depreciation Expense54 250 Miscellaneous Expense59       185           Totals 29,49029,490Use the adjusted trial balance for Stockton Company. Determine the owner's equity ending balance.a.$12,150b.$6,480c.$15,730d.$21,400

Asked Feb 23, 2020
Use the adjusted trial balance for Stockton Company to answer the question that follows.

Stockton Company
Adjusted Trial Balance
December 31
  Account No.  Debit Balances Credit Balances
Cash 11 6,530  
Accounts Receivable 12  2,100  
Prepaid Expenses 13     700  
Equipment 18  13,700  
Accumulated Depreciation 19    1,100
Accounts Payable 21    1,900
Notes Payable   22    4,300
Bob Steely, Capital 31    12,940
Bob Steely, Drawing 32  790  
Fees Earned 41    9,250
Wages Expense 51  2,500  
Rent Expense 52  1,960  
Utilities Expense 53  775  
Depreciation Expense 54  250  
Miscellaneous Expense 59        185            
Totals   29,490 29,490

Use the adjusted trial balance for Stockton Company. Determine the owner's equity ending balance.

Expert Answer

Determine net income.

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