Question :
91. Use the information in the adjusted trial balance for Stockton : 1251820
91. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow.
Stockton Company
Adjusted Trial Balance
For the Year Ended December 31, 20XX
Cash$ 6,030
Accounts Receivable2,100
Prepaid Expenses700
Equipment13,700
Accumulated Depreciation$ 1,100
Accounts Payable1,900
Notes Payable4,200
Capital Stock2,000
Retained Earnings10,940
Dividends790
Fees Earned8,750
Wages Expense2,500
Rent Expense1,960
Utilities Expense775
Depreciation Expense250
Miscellaneous Expense85
Totals$28,890$28,890
Determine the total liabilities for the period. A. $1,900B. $6,100C. $4,200D. $19,040
92. The balance sheet should be prepared A. before the income statement and the retained earnings statementB. before the income statement and after the retained earnings statementC. after the income statement and the retained earnings statement D. after the income statement and before the retained earnings statement
93. The retained earnings statement begins with the beginning balance followed by A. net income (loss) and dividendsB. net income (loss) and issuances of capital stockC. issuances of capital stock and dividendsD. issuances of capital stock, net income (loss), and dividends
94. The income statement will include A. revenues less expenses (ordered largest to smallest amount) with miscellaneous expense listed lastB. revenues less expenses (ordered smallest to largest amounts) with miscellaneous expense listed lastC. revenues less expenses (ordered in alphabetical order)D. revenues less expenses (order is not important)
95. The classified balance sheet will subsection the assets as follows A. Current Assets and Other AssetsB. Current Assets and Property, Plant, and EquipmentC. Current Assets and Long-Term AssetsD. Other Assets and Property, Plant, and Equipment
96. The classified balance sheet will have liabilities divided into the following subsections A. Current Liabilities and Long-Term LiabilitiesB. Current Liabilities and Other LiabilitiesC. Other Liabilities and Long-Term LiabilitiesD. Present Liabilities and Tomorrow’s Liabilities
97. Current liabilities are those liabilities that A. will be paid in less than one yearB. are due to be paid in 5 to 10 yearsC. are due to be paid in more than one yearD. are owed to the stockholders and will never be paid
98. On the balance sheet, stockholders’ equity is A. added to assets and the two are equal to liabilitiesB. added to liabilities and the two are equal to assetsC. subtracted from liabilities and the net amount is equal to assetsD. subtracted from assets and the net amount is equal to net income
99. Balance sheet accounts A. represent amounts accumulated during a specific period of timeB. are called real accountsC. have zero balances after the closing entries have been postedD. are equal to assets and liabilities
100. On which financial statement will Income Summary be shown? A. retained earnings statementB. balance sheetC. income statementD. none of these
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