Stockton Company Adjusted Trial Balance December 31 Cash 6,102 Accounts Receivable 2,938 Prepaid Expenses 703 Equipment 15,970 Accumulated Depreciation 6,337 Accounts Payable 1,719 Notes Payable 4,543 Common Stock 1,000 Retained Earnings 10,872 Dividends 916 Fees Earned 6,176 Wages Expense 2,514 Rent Expense 761 Utilities Expense 459 Depreciation Expense 233 Miscellaneous Expense 51 Totals 30,647 30,647 Determine the retained earnings ending balance.

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buckridge.robb · Accepted Answer

Answer:Stockton CompanyThe retained earnings ending balance is:= $12,114.Explanation:a) Data and Calculations:Stockton Company Adjusted Trial Balance December 31 Cash 6,102 Accounts Receivable 2,938 Prepaid Expenses 703 Equipment 15,970 Accumulated Depreciation 6,337 Accounts Payable 1,719 Notes Payable 4,543 Common Stock 1,000 Retained Earnings 10,872 Dividends 916 Fees Earned 6,176 Wages Expense 2,514 Rent Expense 761 Utilities Expense 459 Depreciation Expense 233 Miscellaneous Expense 51 Totals 30,647 30,647 Income Statement for the year:Fees Earned $6,176 Wages Expense 2,514 Rent Expense 761 Utilities Expense 459 Depreciation Expense 233 Miscellaneous Expense 51 4,018Net Income $2,158Statement of Retained Earnings for the year:Net Income $2,158Retained Earnings 10,872 Dividends (916)Retained Earnings, ending $12,114

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