Use the following information in the adjusted trial balance for Stockton Company to answer the following questions. Stockton Company Adjusted Trial Balance For the Year ended December 31, 2010 Cash $ 6,030 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation $ 1,100 Accounts Payable 1,900 Notes Payable 4,200 Bob Steely, Capital 12,940 Bob Steely, Withdrawals
790 Fees Earned 8,750 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 85 Totals $28,890 $28,890 Determine the total liabilities for the period.
A) $1,900
B) $6,100
C) $4,200
D) $19,040
B
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The net realizable value of accounts receivable is the amount a company is certain it will be able to collect from its customers
Indicate whether the statement is true or false
An important purpose of closing entries is to
a. help in preparing financial statements. b. set real account balances to zero to begin the next period. c. set nominal account balances to zero to begin the next period. d. adjust the accounts in the ledger.
The owner's capital for a sole proprietorship is similar in nature to which of the following for corporations?
a. Stockholders' equity b. Retained earnings c. Common stock d. Dividends
Which of the following is NOT true about “specific, measurable characteristics of a product or service that customers say are necessary for their satisfaction”?
a. They are derived by the company. b. They are given by the customer. c. They are called CTQ requirements. d. They are referred to as critical-to-quality.