Use the adjusted trial balance for Stockton Company below to answer the question

Question

Use the adjusted trial balance for Stockton Company below to answer the questions that follow. (Q1-5 only) Stockton Company Adjusted Trial Balance For the Year Ended December 31 Accounts Receivable Prepaid Expenses Equipment 700 13,700 ation 1,900 Accounts Payable Notes Payable 12,940 Fees Earned s Ex tilities Expense 25 Miscellaneous Expense Totals 1. Determine the net income (loss) for the period. a. net income $9,250 b. net loss $790 c. net loss $5,670 d. net income $3,580 2. Determine the owner's equity ending balance. a. $12,150 b.$15,730 c $6,480 d. $21,400 3. Determine total assets. a. $24,130 b. $15,830 c. $21,930 d. $23,030 4. Determine the current assets.

Explanation / Answer

1 Computaion of Net Income Fees Earned $9,250.00 Less; Wages Expense $2,500.00 Rent Expense $1,960.00 Utilities Expense $775.00 Depreciation Expense $250.00 Miscellaneous Expense $185.00 $5,670.00 Net Income $3,580.00 d. Net Income/(Loss) for the period: $3580 2 Computaion of Net Income Bob Streely, Capital $12,940.00 Bob Streely, Drawing -$790.00 Net Income $3,580.00 Closing Owner's Equity $15,730.00 b. Closing Owner's Equity Balance: $15730 3 Computaion of Total Asset Cash $6,530.00 Account Receivable $2,100.00 Prepaid Expense 700 Equipment $13,700.00 Less: Accumulated Depreciation -$1,100.00 Total Asset $21,930.00 c.Total Asset: $21930 4 Computaion of Current Asset Cash $6,530.00 Account Receivable $2,100.00 Prepaid Expense 700 Total Current Asset $9,330.00 b.Total Current Asset: $9330 5 Computaion of Total Liabilities Account Payable $1,900.00 Note Payable $4,300.00 Total Liabilities $6,200.00 b.Total Liabilities: $6200

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