FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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32.

  1. 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 6,912    
    Accounts Receivable 12 2,948    
    Prepaid Expenses 13 689    
    Equipment 18 14,440    
    Accumulated Depreciation 19     1,203
    Accounts Payable 21     1,683
    Notes Payable 22     5,756
    Bob Steely, Capital 31     14,457
    Bob Steely, Drawing 32 732    
    Fees Earned 41     6,268
    Wages Expense 51 2,243    
    Rent Expense 52 796    
    Utilities Expense 53 383    
    Depreciation Expense 54 161    
    Miscellaneous Expense 59 63    
    Totals     29,367 29,367

    Use the adjusted trial balance for Stockton Company. Determine the current assets.

    a.$29,367
    b.$10,549
    c.$23,786
    d.$9,860
 

 

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