Use the following information in the adjusted trial balance for Stockton Company
ID: 2385062 • Letter: U
Question
Use the following information in the adjusted trial balance for Stockton Company to answer Questions.
Stockton Company Adjusted Trial Balance For the Year ended December 31, 2010
Cash
$ 6,030
Accounts Receivable
2,100
Prepaid Expenses
700
Equipment
13,700
Accumulated Depreciation
$ 1,100
Accounts Payable
1,900
Notes Payable
4,200
Capital Stock
12,940
Dividends
790
Fees Earned
8,750
Wages Expense
2,500
Rent Expense
1,960
Utilities Expense
775
Depreciation Expense
250
Miscellaneous Expense
85
Totals
$28,890 $28,890
Determine the net income (loss) for the period.
A. Net loss $790
B. Net income $2390
C. Net loss $5570
D. Net income $3180
Determine total assets.
A. $22530
B. $15330
C. $23630
D. $21430
Explanation / Answer
Determine the net income (loss) for the period
Fees Earned
8,750
Wages Expense
2,500
Rent Expense
1,960
Utilities Expense
775
Depreciation Expense
250
Miscellaneous Expense
85
5,570
5,570
NET Income
3,180
Determine total assets.
Cash
$6,030
Equipment
13,700
Less-
Accumulated Depreciation
$1,100
$12,600
Accounts Receivable
2,100
Prepaid Expenses
700
Total assets
$21,430
Adjusted Trial Balance For the Year ended December 31, 2010 Debit Credit Cash $6,030 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation $1,100 Accounts Payable 1,900 Notes Payable 4,200 Capital Stock 12,940 Dividends 790 Fees Earned 8,750 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 85 Totals $28,890 $28,890Related Questions
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