Ask Question
31 May, 23:42

use the adjusted trial balance for Stockton Company to answer the question that follow. Stockton Company Adjusted Trial Balance December 31 Account No. Debit Balances Credit Balances Cash 11 6,530 Accounts Receivable 12 2,100 Prepaid Expenses 13 700 Equipment 18 13,700 Accumulated Depreciation 19 1,100 Accounts Payable 21 1,900 Notes Payable 22 4,300 Bob Steely, Capital 31 12,940 Bob Steely, Drawing 32 790 Fees Earned 41 9,250 Wages Expense 51 2,500 Rent Expense 52 1,960 Utilities Expense 53 775 Depreciation Expense 54 250 Miscellaneous Expense 59 185 Totals 29,490 29,490 Use the adjusted trial balance for Stockton Company. Determine the total liabilities for the period. a. $20,240 b. $6,200 c. $4,300 d. $1,900

+5
Answers (1)
  1. 1 June, 00:07
    0
    b. $6,200

    Explanation:

    Assets: things or right owned by the company which can generate cash in the future

    Liabilities: obligation to pay or do from the company in favor of third parties.

    Equity: capital accounts and earnings from the business

    Based on this definition we can determinate the following liabilities accounts:

    Accounts Payable 1,900

    Notes Payable 4,300

    Total liabilities 6,200
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “use the adjusted trial balance for Stockton Company to answer the question that follow. Stockton Company Adjusted Trial Balance December 31 ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers