25. The Statement of Owners Equity should be prepared a. before the income statement and after the balance sheet b. before the income statement and balance sheet c. after the income statement and balance sheet d. after the income statement and before the balance sheet 26. There are four closing entries. The first one is to close ____, the second one is to close ____, the third one is to close ____, and the last one is to close ____. a. Revenues, expenses, income summary, drawing account b. Expenses, assets, income summary, capital account c. Capital account, drawing account, income summary, assets d. Drawing account, income summary, expenses, revenues

32. On October 17th Nikle Company purchased a building and a plot of land for $750,000. The building was valued at $500,000 while the land carried a value of $250,000. Nikle paid $300,000 down in cash and signed a notes payable for the balance. In the space below write the journal entry. Use the following information in the adjusted trial balance for Stockton Company to answer the following questions.

33. A one-year insurance policy was purchased on June 1, 2011 for $1,500. The adjusting entry on December

31, 2011 would be:

Date

Description

Post Ref

Debit

Credit

***

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, 20XX 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 28. Determine the net income (loss) for the period. a. Net Income $2,390 b. Net Loss $790 c. Net Loss $5,570 d. Net Income $3,180 29. Determine the Owners Equity ending balance for the period. a. $12,150 b. $15,330 c. $16,120 d. $12,940 30. Determine total assets. a. $23,630 b. $15,330 c. $21,430 d. $22,530 31. Determine the missing amount X for each of the following: Assets Liabilities Owners Equity

a. $85,700 $40,000 X= 45700 b. X=211570 $66,570 $145,000 c. $57,900 X=23900 $34,000