The first item appearing on the retained earnings statement is a. the beginning balance of retained earnings Ob. dividends Oc. net income Od. the ending balance of retained earningsThe retained earnings statement should be prepared Oa. after the income statement and balance sheet Ob. before the income statement and after the balance sheet Oc. before the income statement and balance sheet Od. after the income statement and before the balance sheetPrepaid insurance is reported on the balance sheet as a Oa. current asset Ob. long-term liability Oc. current liability Od. fixed assetThe following is the adjusted trial balance for Stockton Company. Stockton Companyr Adjusted Trial Balance December 31 Cash 6,555 Accounts Receivable 2,033 Prepaid Expenses 615 Equipment 14,574 Accumulated Depreciation 5,221 Accounts Payable 1,5?6 Notes Payable 4,498 Common Stock 1,000 Retained Earnings 8,435 Dividends 990 Fees Earned 8,444 Wages Expense 2,?82 Rent Expense 886 Utilities Expense 414 Depreciation Expense 205 Miscellaneous Expense 120 Totals 29,1?4 29,1?4 Determine the total liabilities for the period. 518,556 59,435 511,295 When merchandise purchased on account is returned under the perpetual inventory system, the buyer would debit Oa. Accounts Receivable Ob. Accounts Payable Oc. Purchases Returns and Allowances Od. Inventory