Question

Stockton Company Adjusted Trial Balance December 31 Cash 6,175 Accounts Receivable 2,278 Prepaid Expenses 694 Equipment 14,639 Accumulated Depreciation 2,479 Accounts Payable 1,546 Notes Payable 4,744 Common Stock 1,000 Retained Earnings 12,765 Dividends 969 Fees Earned 6,312 Wages Expense 2,622 Rent Expense 708 Utilities Expense 449 Depreciation Expense 262 Miscellaneous Expense 50 Totals 28,846 28,846 Determine the total assets.

Answer 1

$26,265

Step-by-step explanation:

Assets are economic resources controlled by the entity from which future economic benefits are expected to flow into the entity.

Total Assets Calculation

Cash $6,175

Accounts Receivable $2,278

Prepaid Expenses $694

Equipment $14,639

Accumulated Depreciation ($2,479)

Total $26,265