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Use the following information in the adjusted trial balance for Stockton Company to answer Questions 56-60. Stockton Company is a new company and this is
Use the following information in the adjusted trial balance for Stockton Company to answer Questions 56-60. Stockton Company is a new company and this is it first year of business. Stockton Company Adjusted Trial Balance For the Year ended December 31, 2017 Cash $ 6,030 Accounts Receivable 2,100 Prepaid Expenses 700 Equipmen 13,700 Accumulated Depreciation $ 1,100 Accounts Payable 1,900 Notes Payable 4,200 Capital Stock 12,940 Retained Earnings (new company starts with zero) 0 - Dividends 790 Fees Earned 8, 750 Wages Expense 2,500 Rent Expense ,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 85 Totals $28,890 $28,890 56. 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 57. Determine the total stockholders' equity ending balance for the period. a. $12, 150 b. $15,330 c. $16,120 d. $12,940 58. Determine total assets (don't forget to include any contra assets). a. $23,630 b. $15,330 C. $21,430 d. $22,530 59. Determine the current assets. a. $22,530 b. $8,830
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