Use the adjusted trial balance for Stockton Company to answer the question that follows.Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo.DebitBalancesCreditBalancesCash115,074 Accounts Receivable122,877 Prepaid Expenses13777 Equipment1815,351 Accumulated Depreciation19 1,484Accounts Payable21 1,534Notes Payable22 4,111Bob Steely, Capital31 15,228Bob Steely, Drawing32602 Fees Earned41 6,592Wages Expense512,786 Rent Expense52790 Utilities Expense53359 Depreciation Expense54267 Miscellaneous Expense5966 Totals 28,94928,949Use the adjusted trial balance for Stockton Company. Determine the total assets.a.$25,613b.$24,079c.$23,302d.$22,595

Assets: These are the resources owned and controlled by business and used to produce benefits for…

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

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Problem 5E: Multiple-Step and Single-Step In coin Statements The following items were derived from Gold...

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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	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

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