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.
Answer:
Stockton Company
The 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 4,018
Net Income $2,158
Statement of Retained Earnings for the year:
Net Income $2,158
Retained Earnings 10,872
Dividends (916)
Retained Earnings, ending $12,114
