This is the adjusted trial balance at December 31,2016 after one year of operation.
Debit Credit
Cash..................................................$5,700
Accounts Recievable.........................4,500
Prepaid Insurance..............................$2,100
Office Equipment........................... 18,300
Accumulated Depreciation.... office equipment $600
Accounts payable ............................................. 600
Notes Payable.....................................................$3,000
Capital Stock.......................................................15,300
Retained Earnings...............................................2,700
Dividends.......................................... 1,100
Consulting Fees Earned......................................21,200
Salaries Expense...........................6,600
Utilities Expense..........................1,800
Rent Expense...........................2700
Depreciation Expense.............600
$43,400 $43,500
Prepare an income statment, statment of stockholders equity and a balance shet for the year ending December 31.2016.
This is the adjusted trial balance at December 31,2016 after one year of operation.
Debit Credit
Cash..................................................$5,700
Accounts Recievable.........................4,500
Prepaid Insurance..............................$2,100
Office Equipment........................... 18,300
Accumulated Depreciation.... office equipment $600
Accounts payable ............................................. 600
Notes Payable.....................................................$3,000
Capital Stock.......................................................15,300
Retained Earnings...............................................2,700
Dividends.......................................... 1,100
Consulting Fees Earned......................................21,200
Salaries Expense...........................6,600
Utilities Expense..........................1,800
Rent Expense...........................2700
Depreciation Expense.............600
$43,400 $43,500
Prepare an income statment, statment of stockholders equity and a balance shet for the year ending December 31.2016.
Related questions
Use the adjusted trial balance for Stockton Company below toanswer the questions that follow.
Stockton Company | ||
Adjusted Trial Balance | ||
December 31 | ||
| Cash | 7,530 | |
| Accounts Receivable | 2,100 | |
| Prepaid Expenses | 700 | |
| Equipment | 13,700 | |
| Accumulated Depreciation | 1,100 | |
| Accounts Payable | 1,900 | |
| Notes Payable | 4,300 | |
| Common Stock | 1,000 | |
| Retained Earnings | 12,940 | |
| Dividends | 790 | |
| Fees Earned | 9,250 | |
| Wages Expense | 2,500 | |
| Rent Expense | 1,960 | |
| Utilities Expense | 775 | |
| Depreciation Expense | 250 | |
| Miscellaneous Expense | 185 | â |
Totals | 30,490 | 30,490 |
â
Determine the retained earnings ending balance.
Select one:
a.
$15,730
b.
$6,480
c.
$21,400
d.
$12,150
Use the adjusted trial balance for the Stockton company below to answer the questions that follow.
| Adjusted Trial Balance | ||
| December-31 | ||
| Cash | $6,530 | |
| Accounts Receivable | $2,100 | |
| Prepaid Expenses | $700 | |
| Equipment | $13,700 | |
| Accumulated Depreciation | $1,100 | |
| Accounts Payable | $1,900 | |
| Notes Payable | $4,300 | |
| Bob Steely, Capital | $12,940 | |
| Bob Steely, Withdrawals | $790 | |
| Fees Earned | $9,250 | |
| Wages Expense | $2,500 | |
| Rent Expense | $1,960 | |
| Utilities Expense | $775 | |
| Depreciation Expense | $250 | |
| Miscellaneous Expense | $185 | |
| Totals | $29,490 | $29,490 |
Determine the net income (loss) for the period.
a. net income $9,250
b. net loss $790
c. net loss $5,670
d. net income $3,580
