Homework Answers
Total assets refer to total amount of assets which are expected to yield benefit to the company over time.
When the trial balance is prepared, all the accounts are closed. During the closure, depreciation is transferred to accumulated depreciation account. The balance of accumulated depreciation needs to be reduced from equipment to arrive at depreciated value.
Cash, accounts receivable and prepaid expenses are current assets while equipment is Non-current assets.
|
Particulars |
Amount ($) |
|
Cash |
7530 |
|
Accounts receivable |
2100 |
|
Prepaid expenses |
700 |
|
Equipment 13700 |
|
|
Less: accumulated depn (1100) |
12600 |
|
Total Assets |
$ 22930 |
Hence, correct option is c.$ 22,930.
kindly upvote
Add Answer to:
d. the final guies will below to answer the questions that for Use the adjusted trial...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow- Stockton...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow- Stockton Company Adjusted Trial Balance December 31 7,530 2,100 700 13,700 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 1,100 1,900 4,300 1,000 12,940 790) 9,250 2,500 1,960 775 250 185 30,490 30.490 6. Determine the net income (loss) for the period. a....
Use the adjusted trial balance for Stockton Company below to answer the questions that follow. Stockton...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow. Stockton Company Adjusted Trial Balance December 31 7,530 2,100 700 13,700 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 1.100 1,900 4,300 1,000 12,940 790 9,250 2,500 1,960 775 250| 185 30,490 30,490 9. Determine the total liabilities for the period. a. $1,900...
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton Company...
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 HA ge 2,100 700 13,700 Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals IIIIIIIIIII 1,100 1,900 4,300 12,940 790 9,250 2,500 1,960 775 250 59 185 29.490 29.490 Use the adjusted...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow. Stockton...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow. Stockton Company Adjusted Trial Balance December 31 7,530 2,100 700 13,700 1,100 1,900 4,300 1,000 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 12,9401 790 9,250 2,500 1.960 775 2501 185 30,490 30,490 14. Determine the net income (loss) for the period. a....
1. determine the total assets ? 2. Adjusting entries are required at the end of the...
1.
determine the total assets ?
2. Adjusting entries are required at the end of the
accounting period in order to fulfill the _____
principle.
a.matching
b.objectivity
c.business entity
d.going concern
3. Under the revenue recognition principle, revenues are
recorded______
a.when earned or when cash is received, depending on which
occurs first
b.when cash is received
c.when earned
d.in the same period as related expenses
Use the adjusted trial balance for Stockton Company to answer the question tha Stockton Company...
Prepare the Income Statement, the Statement of Stockholders Equity, the Classified Balance Sheet, and the Closing...
Prepare the Income Statement, the Statement of Stockholders Equity,
the Classified Balance Sheet, and the Closing Entries using the
adjusted trial balance for Stockton Company.
Paragraph Styles Problem Two Prepare the Income Statement, the Statement of Stockholders' Equity, the Classified Balance Sheet, and the Closing Entries using the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance For the Year ended December 31, 2018 $ 5,030 2,100 700 10,000 13,700 Cash Accounts Receivable Prepaid Expenses Land Equipment Accumulated...
1,The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December...
1,The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 6,884 Accounts Receivable 2,586 Prepaid Expenses 673 Equipment 13,187 Accumulated Depreciation 4,507 Accounts Payable 1,680 Notes Payable 4,505 Common Stock 1,000 Retained Earnings 9,345 Dividends 760 Fees Earned 7,072 Wages Expense 2,404 Rent Expense 872 Utilities Expense 461 Depreciation Expense 170 Miscellaneous Expense 112 Totals 28,109 28,109 Determine the total liabilities for the period. a,$10,692 b,$18,823 c,$6,185 d,$10,345 2, On June 8,...
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December...
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,765 Accounts Receivable 2,829 Prepaid Expenses 744 Equipment 15,548 Accumulated Depreciation 6,376 Accounts Payable 1,565 Notes Payable 4,189 Common Stock 1,000 Retained Earnings 7,695 Dividends 815 Fees Earned 8,543 Wages Expense 2,243 Rent Expense 702 Utilities Expense 478 Depreciation Expense 185 Miscellaneous Expense 59 Totals 29,368 29,368 Determine the net income (loss) for the period. a.Net income $4,061 b.Net loss $4,061 c.Net...
Calculator Use the adjusted trial balance for Stockton Company to answer the question that follows Stockton...
Calculator Use the adjusted trial balance for Stockton Company to answer the question that follows Stockton Company Adjusted Trial Balance December 31 Accoun / / / / / / / / / / / / / 1,359 / Account Debit Credit I No. Balances Balances Cash 1 5,992 Accounts Receivable 2,578 Prepaid Expenses Equipment 18 3,723 Accumulated Depreciation Accounts Payable 21 1,731 Notes Payable 5.827 Bob Steely, Capital 10,589 Bob Steely, Drawing Fees Eamed Wages Expense 2,067 Rent Expense 887...
A v2.ceng genow.com CU + Cannot Open Page Cengage CengageNOWV2 Online tea Calculator December 31 Account...
A v2.ceng genow.com CU + Cannot Open Page Cengage CengageNOWV2 Online tea Calculator December 31 Account No. Debit Balances Credit Balances Cash 116 ,530 Accounts Receivable 12 2.100 Prepaid Expenses 13 7 00 Equipment 18 13.700 Accumulated Depreciation 19 1.100 Accounts Payable 21 1.900 Notes Payable Bob Steely, Capital 31 1 12.940 Bob Steely, Drawing 32 790 Fees Eamed 9.250 Wages Expense 2.500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 185 Totals | 29.490 29.490 Use...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow- Stockton Company Adjusted Trial Balance December 31 7,530 2,100 700 13,700 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 1,100 1,900 4,300 1,000 12,940 790) 9,250 2,500 1,960 775 250 185 30,490 30.490 6. Determine the net income (loss) for the period. a....
Use the adjusted trial balance for Stockton Company below to answer the questions that follow. Stockton Company Adjusted Trial Balance December 31 7,530 2,100 700 13,700 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 1.100 1,900 4,300 1,000 12,940 790 9,250 2,500 1,960 775 250| 185 30,490 30,490 9. Determine the total liabilities for the period. a. $1,900...
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 HA ge 2,100 700 13,700 Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals IIIIIIIIIII 1,100 1,900 4,300 12,940 790 9,250 2,500 1,960 775 250 59 185 29.490 29.490 Use the adjusted...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow. Stockton Company Adjusted Trial Balance December 31 7,530 2,100 700 13,700 1,100 1,900 4,300 1,000 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 12,9401 790 9,250 2,500 1.960 775 2501 185 30,490 30,490 14. Determine the net income (loss) for the period. a....
1.
determine the total assets ?
2. Adjusting entries are required at the end of the
accounting period in order to fulfill the _____
principle.
a.matching
b.objectivity
c.business entity
d.going concern
3. Under the revenue recognition principle, revenues are
recorded______
a.when earned or when cash is received, depending on which
occurs first
b.when cash is received
c.when earned
d.in the same period as related expenses
Use the adjusted trial balance for Stockton Company to answer the question tha Stockton Company...
Prepare the Income Statement, the Statement of Stockholders Equity,
the Classified Balance Sheet, and the Closing Entries using the
adjusted trial balance for Stockton Company.
Paragraph Styles Problem Two Prepare the Income Statement, the Statement of Stockholders' Equity, the Classified Balance Sheet, and the Closing Entries using the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance For the Year ended December 31, 2018 $ 5,030 2,100 700 10,000 13,700 Cash Accounts Receivable Prepaid Expenses Land Equipment Accumulated...
Calculator Use the adjusted trial balance for Stockton Company to answer the question that follows Stockton Company Adjusted Trial Balance December 31 Accoun / / / / / / / / / / / / / 1,359 / Account Debit Credit I No. Balances Balances Cash 1 5,992 Accounts Receivable 2,578 Prepaid Expenses Equipment 18 3,723 Accumulated Depreciation Accounts Payable 21 1,731 Notes Payable 5.827 Bob Steely, Capital 10,589 Bob Steely, Drawing Fees Eamed Wages Expense 2,067 Rent Expense 887...
A v2.ceng genow.com CU + Cannot Open Page Cengage CengageNOWV2 Online tea Calculator December 31 Account No. Debit Balances Credit Balances Cash 116 ,530 Accounts Receivable 12 2.100 Prepaid Expenses 13 7 00 Equipment 18 13.700 Accumulated Depreciation 19 1.100 Accounts Payable 21 1.900 Notes Payable Bob Steely, Capital 31 1 12.940 Bob Steely, Drawing 32 790 Fees Eamed 9.250 Wages Expense 2.500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 185 Totals | 29.490 29.490 Use...
Most questions answered within 3 hours.
-
The financial statements of Apple Inc. show the following
numbers for fiscal year 2017 ($000,000):
Revenue...
asked 5 minutes ago -
Suppose that you are given the following results. Find the
correlation coefficient of the data.
sx...
asked 14 minutes ago -
The width of a tool used for semiconductor manufacturing
is assumed to be normally distributed with...
asked 16 minutes ago -
A
runaway train car that has a mass of 1,400 kg travels at a speed of...
asked 20 minutes ago -
The expected abnormal earnings of a firm that has earnings of
$40,000 with a required equity...
asked 18 minutes ago -
A spherical surface completely surrounds a collection of
charges. Find the electric flux through the surface...
asked 34 minutes ago -
Two capacitors with capacitances of 12 and 18.1 µF,
respectively, are connected in parallel. The system...
asked 20 minutes ago -
Let's say you are a small business owner that provides
business-to-business software-as-a-service to non-profit
organizations. Your...
asked 25 minutes ago -
A circuit is constructed with five resistors and a battery as
shown. The battery voltage is...
asked 33 minutes ago -
A. What is the U.S.
economic system and what do you think are the advantages and...
asked 33 minutes ago -
A student measures the following data in a calorimetry
experiment designed to determine the specific heat...
asked 48 minutes ago -
1) 2H2O(g) → 2H2 (g) + O2 (g) DH = 483.6 kJ
If 5 moles of...
asked 53 minutes ago