Question

Use the adjusted trial balance for Stockton Company below to answer the question that follow. Stockton Company Adjusted Trial Balance December 31 Cash 6,000 Accounts Receivable 2,100 Prepaid Expenses 1,000 Supplies 500 Equipment 150,000 Accumulated Depreciation 15,000 Accounts Payable 6,200 Unearned Fees 4,000 Notes Payable 14,000 Bob Steely, Capital 19,000 Bob Steely, Withdrawals 8,000 Fees Earned 154,900 Wages Expense 25,000 Rent Expense 12,000 Utilities Expense 3,400 Depreciation Expense 5,000 Miscellaneous Expense 100 Totals 213,100 213,100 In the space below, calculate: a) net income b) total assets c) total liabilities d) total current assets e) beginning balance of Owner's Equity for next year. a) net income is $ Question Blank type your answer... b) total assets are $ Question Blank type your answer... c) total liabilities are $ Question Blank type your answer... d) total current assets are $ Question Blank type your answer... e) next year's beginning OE balance will be $ Question Blank type your answer...

Answer 1

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.
Part a
Fee Earned		$   154,900
Less: Expense
Wage Expense	$      25,000
Rent Expense	$      12,000
Utility Expense	$        3,400
Depreciation Expense	$        5,000
Miscellaneous Expense	$            100
Total Expense		$   (45,500)
Net Income		$   109,400
Part b
Cash		$        6,000
Accounts Receivable		$        2,100
Prepaid Expense		$        1,000
Supplies		$            500
Equipment	$   150,000
Less: Acc Dep	$   (15,000)	$   135,000
Total Assets		$   144,600
Part c
Accounts Payable		$        6,200
Unearned Fees		$        4,000
Note Payable		$      14,000
Total Liabilities		$      24,200
Part d
Cash		$        6,000
Accounts Receivable		$        2,100
Prepaid Expense		$        1,000
Supplies		$            500
Total Current Assets		$        9,600
Part e
Beginning Capital		$      19,000
Add: Net Income		$   109,400
Less: Withdrawal		$      (8,000)
Beginning balance for next year		$   120,400