1. Use the adjusted trial balance for Stockton Company to answer the questions that follow.Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalancesCreditBalancesCash116,530 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 29,49029,490 Prepare the following statements A) Income Statement, B) Statement of Owners Equity, C) Balance Sheet

Income statement, Statement of owner's equity and balance sheet are financial statements. Income…

Answered: Use the adjusted trial balance for…

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

Section: Chapter Questions

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

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1. Use the adjusted trial balance for Stockton Company to answer the questions that follow.

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

Prepare the following statements A) Income Statement, B) Statement of Owners Equity, C) Balance Sheet

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