Question : 85. The retained earnings statement should be prepared A. before the income statement : 1227143

 

 

85. The retained earnings statement should be prepared A. before the income statement and after the balance sheetB. before the income statement and balance sheetC. after the income statement and balance sheetD. after the income statement and before the balance sheet

 

86. The income statement should be prepared  A. before the retained earnings statement and balance sheetB. after the retained earnings statement and before the balance sheetC. after the retained earnings statement and balance sheetD. after the balance sheet and before the retained earnings statement

 

87. 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 Receivable

2,100

 

Prepaid Expenses

   700

 

Equipment

13,700

 

Accumulated Depreciation

 

$  1,100

Accounts Payable

 

1,900

Notes Payable 

 

4,200

Capital Stock

 

2,000

Retained Earnings

 

10,940

Dividends

790

 

Fees Earned

 

8,750

Wages Expense

2,500

 

Rent Expense

1,960

 

Utilities Expense

775

 

Depreciation Expense

250

 

Miscellaneous Expense

85

 

Totals

$28,890

$28,890

 

 

 

Determine the net income (loss) for the period. A. net income, $2,390B. net loss, $790C. net loss, $5,570D. net income, $3,180

 

88. 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 Receivable

2,100

 

Prepaid Expenses

   700

 

Equipment

13,700

 

Accumulated Depreciation

 

$  1,100

Accounts Payable

 

1,900

Notes Payable 

 

4,200

Capital Stock

 

2,000

Retained Earnings

 

10,940

Dividends

790

 

Fees Earned

 

8,750

Wages Expense

2,500

 

Rent Expense

1,960

 

Utilities Expense

775

 

Depreciation Expense

250

 

Miscellaneous Expense

85

 

Totals

$28,890

$28,890

 

 

 

Determine the Retained Earnings ending balance. A. $10,150B. $13,330C. $14,120D. $10,940

 

89. 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 Receivable

2,100

 

Prepaid Expenses

   700

 

Equipment

13,700

 

Accumulated Depreciation

 

$  1,100

Accounts Payable

 

1,900

Notes Payable 

 

4,200

Capital Stock

 

2,000

Retained Earnings

 

10,940

Dividends

790

 

Fees Earned

 

8,750

Wages Expense

2,500

 

Rent Expense

1,960

 

Utilities Expense

775

 

Depreciation Expense

250

 

Miscellaneous Expense

85

 

Totals

$28,890

$28,890

 

 

 

Determine total assets. A. $23,630B. $15,330C. $21,430D. $22,530

 

90. 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 Receivable

2,100

 

Prepaid Expenses

   700

 

Equipment

13,700

 

Accumulated Depreciation

 

$  1,100

Accounts Payable

 

1,900

Notes Payable 

 

4,200

Capital Stock

 

2,000

Retained Earnings

 

10,940

Dividends

790

 

Fees Earned

 

8,750

Wages Expense

2,500

 

Rent Expense

1,960

 

Utilities Expense

775

 

Depreciation Expense

250

 

Miscellaneous Expense

85

 

Totals

$28,890

$28,890

 

 

 

Determine the current assets. A. $22,530B. $8,830C. $21,430D. $8,130

 

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 Receivable

2,100

 

Prepaid Expenses

   700

 

Equipment

13,700

 

Accumulated Depreciation

 

$  1,100

Accounts Payable

 

1,900

Notes Payable 

 

4,200

Capital Stock

 

2,000

Retained Earnings

 

10,940

Dividends

790

 

Fees Earned

 

8,750

Wages Expense

2,500

 

Rent Expense

1,960

 

Utilities Expense

775

 

Depreciation Expense

250

 

Miscellaneous Expense

85

 

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)