Use the adjusted trial balance for Stockton Company to answer the question that follow. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 5,958 Accounts Receivable 2,420 Prepaid Expenses 698 Equipment 15,243 Accumulated Depreciation 8,458 Accounts Payable 1,600 Notes Payable 5,787 Common Stock 1,000 Retained Earnings 4,056 Dividends 750 Fees Earned 8,563 Wages Expense 2,843 Rent Expense 786 Utilities Expense 436 Depreciation Expense 257 Miscellaneous Expense 73 Total 29,464 29,464 Determine the retained earnings ending balance. a. $5,056 b. $4,168 c. $7,474 d. $29,464
Use the adjusted trial balance for Stockton Company to answer the question that follow. Stockton CompanyAdjusted Trial BalanceDecember 31 Line Item Description Amount Amount Cash 5,958 Accounts Receivable 2,420 Prepaid Expenses 698 Equipment 15,243 Accumulated Depreciation 8,458 Accounts Payable 1,600 Notes Payable 5,787 Common Stock 1,000 Retained Earnings 4,056 Dividends 750 Fees Earned 8,563 Wages Expense 2,843 Rent Expense 786 Utilities Expense 436 Depreciation Expense 257 Miscellaneous Expense 73 Total 29,464 29,464 Determine the retained earnings ending balance. a. $5,056 b. $4,168 c. $7,474 d. $29,464
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 5E: Multiple-Step and Single-Step In coin Statements The following items were derived from Gold...
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Use the adjusted
| Line Item Description | Amount | Amount |
|---|---|---|
| Cash | 5,958 | |
| Accounts Receivable | 2,420 | |
| Prepaid Expenses | 698 | |
| Equipment | 15,243 | |
| 8,458 | ||
| Accounts Payable | 1,600 | |
| Notes Payable | 5,787 | |
| Common Stock | 1,000 | |
| Retained Earnings | 4,056 | |
| Dividends | 750 | |
| Fees Earned | 8,563 | |
| Wages Expense | 2,843 | |
| Rent Expense | 786 | |
| Utilities Expense | 436 | |
| Depreciation Expense | 257 | |
| Miscellaneous Expense | 73 | |
| Total | 29,464 | 29,464 |
Determine the retained earnings ending balance.
a. $5,056
b. $4,168
c. $7,474
d. $29,464
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