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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 5,106
    Accounts Receivable 2,539
    Prepaid Expenses 767
    Equipment 15,712
    Accumulated Depreciation 4,396
    Accounts Payable 1,787
    Notes Payable 5,518
    Common Stock 1,000
    Retained Earnings 7,935
    Dividends 865
    Fees Earned 8,069
    Wages Expense 2,198
    Rent Expense 754
    Utilities Expense 428
    Depreciation Expense 223
    Miscellaneous Expense 113
    Totals 28,705 28,705

    Determine the retained earnings ending balance.

    a.$11,423

    b.$28,705

    c.$4,353

    d.$8,935

Business   Accounting   
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Homework Answers

Answer #1

Ans: Calculation of Closing Balance of Retained Earnings:

Opening Balance $7,935
Add : Fees Earned $8,069
Less : Expenses
Wages ($2,198)
Rent ($754)
Utility ($428)
Depriciation ($223)
Miscleneous ($113) ($3,716)
Less : Dividends ($865)
Ending balance of Retained Earnings $11,423

So correct answer is Option A.

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