Question

The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December...

  1. The following is the adjusted trial balance for Stockton Company.

    Stockton Company
    Adjusted Trial Balance
    December 31
    Cash 5,689
    Accounts Receivable 2,748
    Prepaid Expenses 732
    Equipment 13,183
    Accumulated Depreciation 8,786
    Accounts Payable 1,469
    Notes Payable 4,740
    Common Stock 1,000
    Retained Earnings 5,291
    Dividends 774
    Fees Earned 6,228
    Wages Expense 2,812
    Rent Expense 751
    Utilities Expense 468
    Depreciation Expense 235
    Miscellaneous Expense 122
    Totals 27,514 27,514

    Determine the retained earnings ending balance.

    a.$6,291

    b.$27,514

    c.$6,357

    d.$1,840

Homework Answers

Answer #1
Calculation of net income
Fees Earned 6228
Less:
Wages Expense $         2,812
Rent Expense $             751
Utilities Expense $             468
Depreciation Expense $             235
Miscellaneous Expense $             122
Net Income $         1,840
Retained eraning = Beginning balance + net income - dividend
=$5291+1840-774
=$6357
Correct Answer =c.$6,357
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