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Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 5,367   Accounts Receivable 2,667   Prepaid Expenses 723   Equipment 15,391   Accumulated Depreciation   3,900 Accounts Payable   1,739 Notes Payable   5,136 Common Stock   1,000 Retained Earnings   9,948 Dividends 767   Fees Earned   7,796 Wages Expense 3,167   Rent Expense 774   Utilities Expense 334   Depreciation Expense 204   Miscellaneous Expense 125   Total 29,519 29,519 Determine the total liabilities for the period. a. $6,875 b. $20,248 c. $10,948 d. $10,775

Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 5,367   Accounts Receivable 2,667   Prepaid Expenses 723   Equipment 15,391   Accumulated Depreciation   3,900 Accounts Payable   1,739 Notes Payable   5,136 Common Stock   1,000 Retained Earnings   9,948 Dividends 767   Fees Earned   7,796 Wages Expense 3,167   Rent Expense 774   Utilities Expense 334   Depreciation Expense 204   Miscellaneous Expense 125   Total 29,519 29,519 Determine the total liabilities for the period. a. $6,875 b. $20,248 c. $10,948 d. $10,775

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use the adjusted trial balance for Stockton Company to answer the question that follows.

Stockton CompanyAdjusted Trial BalanceDecember 31
Line Item Description Amount Amount
Cash 5,367  
Accounts Receivable 2,667  
Prepaid Expenses 723  
Equipment 15,391  
Accumulated Depreciation   3,900
Accounts Payable   1,739
Notes Payable   5,136
Common Stock   1,000
Retained Earnings   9,948
Dividends 767  
Fees Earned   7,796
Wages Expense 3,167  
Rent Expense 774  
Utilities Expense 334  
Depreciation Expense 204  
Miscellaneous Expense 125  
Total 29,519 29,519

Determine the total liabilities for the period.

a. $6,875
b. $20,248
c. $10,948
d. $10,775
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