The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,685 Accounts Receivable 2,794 Prepaid Expenses 615 Equipment 14,885 Accumulated Depreciation 7,596 Accounts Payable 1,474 Notes Payable 4,175 Common Stock 1,000 Retained Earnings 7,011 Dividends 933 Fees Earned 7,427 Wages Expense 2,303 Rent Expense 828 Utilities Expense 310 Depreciation Expense 235 Miscellaneous Expense 95 Totals 28,683 28,683 Determine the net income (loss) for the period. Net income $2,723 Net loss $2,723 Net loss $3,656 Net income $3,656

Determine the current assets.

$15,057

$4,913

$9,456

$27,095

According to Given Data

$9,094

According to correct data

$9,456

Explanation:

Options given are inconsistent with the data given in the question.

According to given data

All the assets that are in cash or expected to be converted into cash within next one year are classified as Current Asset e.g cash, inventory etc.

Cash                              $5,685

Accounts Receivable   $2,794

Prepaid Expenses        $615    

Total Current Assets    $9,094  

The Following answer is made according to correct data.

* According to Correct data

All the assets that are in cash or expected to be converted into cash within next one year are classified as Current Asset e.g cash, inventory etc.

Cash                              $5,976

Accounts Receivable   $2,861

Prepaid Expenses        $619    

Total Current Assets    $9,456  

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