1. Use the adjusted trial balance for Stockton Company to answer the questions that follow. (19-23)

   Stockton Company
   Adjusted Trial Balance
   December 31
   Cash	6,530
   Accounts Receivable	2,100
   Prepaid Expenses	700
   Equipment	13,700
   Accumulated Depreciation		1,100
   Accounts Payable		1,900
   Notes Payable		4,300
   Bob Steely, Capital		12,940
   Bob Steely, Withdrawals	790
   Fees Earned		9,250
   Wages Expense	2,500
   Rent Expense	1,960
   Utilities Expense	775
   Depreciation Expense	250
   Miscellaneous Expense	185
   Totals	29,490	29,490

   Determine the owner’s equity ending balance.

   		12,150
   		15,730
   		6,480
   		21,400

2 points

QUESTION 20

1. Determine the net income (loss) for the period.

   		net income is 9,250
   		net loss is 790
   		net loss is 5,670
   		net income is 3,580

2 points

QUESTION 21

1. Determine the total assets.

   		8,630
   		23,030
   		21,930
   		9,330

2 points

QUESTION 22

1. Determine the current assets.

   		23,030
   		9,330
   		21,930
   		8,630

2 points

QUESTION 23

1. Determine the total liabilities for the period.

   		1,900
   		6,200
   		4,300
   		20,240