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fomenos
3 years ago
8

Use the adjusted trial balance for stockton company below to answer the questions that follow. stockton company adjusted trial b

alance december 31 cash 7,530 accounts receivable 2,100 prepaid expenses 700 equipment 13,700 accumulated depreciation 1,100 accounts payable 1,900 notes payable 4,300 common stock 1,000 retained earnings 12,940 dividends 790 fees earned 9,250 wages expense 2,500 rent expense 1,960 utilities expense 775 depreciation expense 250 miscellaneous expense 185 totals 30,490 30,490 determine total assets.
a. $16,830
b. $25,130
c. $24,030
d. $22,930
Business
1 answer:
kotegsom [21]3 years ago
4 0
Given:
<span>stockton company adjusted trial balance december 31
cash 7,530
accounts receivable 2,100
prepaid expenses 700
equipment 13,700
accumulated depreciation 1,100
accounts payable 1,900
notes payable 4,300
common stock 1,000
retained earnings 12,940
dividends 790
fees earned 9,250
wages expense 2,500
rent expense 1,960
utilities expense 775
depreciation expense 250
miscellaneous expense 185

To determine the total assets, we only have to consider the following:
</span>cash                                         7,530 
accounts receivable                 2,100 
prepaid expenses                       700 
equipment                              13,700 
<span>accumulated depreciation   <u>    (1,100) </u>
</span>Total assets:                         22,930    CHOICE D.

NET INCOME: 
fees earned                                9,250 
<span>wages expense                         (2,500) </span>
<span>rent expense                             (1,960) </span>
<span>utilities expense                           (775) </span>
<span>depreciation expense                   (250) </span>
<span>miscellaneous expense         <u>       (185)</u>
</span><span>Net Income                                  3,580

LIABILITIES AND S.H.E
</span>accounts payable                        1,900 
<span>notes payable                              4,300 </span>
<span>common stock                             1,000 </span>
<span>retained earnings                       12,940 </span>
<span>dividends                                      (790) 
</span>Net Income                              <u>     3,580</u>
TOTAL LIABILITIES & SHE      22,930
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If a company is given credit terms of 2/10, n/30, it should________.
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The given credit terms of 2/10, n/30 means

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The accounts in the ledger of Dependable Delivery Service contain the following balances on July 31, 2022.
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Dependable Delivery Service

Classified balance sheet as at July 31, 2022

Non Current Assets

Equipment                                                  $59,360

Total Non Current Assets                          $59,360

Current Assets

Accounts Receivable                                  $11,400

Prepaid Insurance                                        $1,800

Cash                                                            $15,940

Total Current Assets                                  $29,140

Total Assets                                               $88,500

Equity and Liabilities

<u>Equity</u>

Common Stock                                         $40,000

Retained Earnings                                       $8,750

Total Equity                                                $48,750

<u>Liabilities</u>

<u>Non Current Liabilities</u>

Notes Payable, due 2024                         $31,450

Total Non Current Liabilities                     $31,450

<u>Current Liabilities</u>

Accounts Payable                                      $7,400

Salaries and Wages Payable                       $900

Total Non-Current Liabilities                     $8,300

Total Liabilities                                         $39,750

Total Equity and Liabilities                      $88,500

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Its very important to calculate the Retained Earnings Balance at the end of July 2020.

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<u>Income Statement for the year ended July 31, 2022</u>

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Net Income/(loss)                                                         4,350

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<u>Retained Earnings Calculation </u>

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Add Net Income during the period          4,350

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The correct term is representativeness heuristic .  

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