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e the adjusted trial balance for Stockton Company to answer the question that follow. Stockton Company...

e the adjusted trial balance for Stockton Company to answer the question that follow. Stockton Company Adjusted Trial Balance December 31 Account No. Debit Balances Credit Balances Cash 11 6,530 Accounts Receivable 12 2,100 Prepaid Expenses 13 700 Equipment 18 13,700 Accumulated Depreciation 19 1,100 Accounts Payable 21 1,900 Notes Payable 22 4,300 Bob Steely, Capital 31 12,940 Bob Steely, Drawing 32 790 Fees Earned 41 9,250 Wages Expense 51 2,500 Rent Expense 52 1,960 Utilities Expense 53 775 Depreciation Expense 54 250 Miscellaneous Expense 59 185 Totals 29,490 29,490 Use the adjusted trial balance for Stockton Company. Determine the total liabilities for the period. a. $20,240 b. $6,200 c. $4,300 d. $1,900

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Answer #1

Liabilities are the debt taken by the company during the business which has to repaid.

It is reported in the companies balance sheet.

Example account payable,note payable, salaries outstanding etc

From the above information

Liabilities = account payable + note payable

= 1900 + 4300 = 6200

Accumulated depreciation will not be considered as liabilities because there is no obligation on entity for its payment to outsiders where as it is only maintained for internal use of the company.

Hence option B is correct

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