Use the Adjusted Trial Balance for Stockton Company to Answer

question 53

Multiple Choice

Use the adjusted trial balance for Stockton Company to answer the questions that follow.
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$\begin{array}{c}\hline &&&&&&&&&&&\textbf { Stockton Company }&&&&&&&&&& \\\hline &&&&&&&&&&&\textbf { Adjusted Trial Balance }&&&& \\\hline &&&&&&&&&&&\textbf { December 31} &&&&\end{array}$
$\begin{array}{|l|c|c|c|}\hline & \begin{array}{c}\textbf { Account } \\\textbf { No. }\end{array} & \begin{array}{c}\textbf { Debit } \\\textbf { Balances }\end{array} & \begin{array}{c}\textbf { Credit } \\\textbf { Balances }\end{array} \\\hline \text { Cash } & 11 & 6,530 & \\\hline \text { Accounts Receivable } & 12 & 2,100 & \\\hline \text { Prepaid Expenses } & 13 & 700 & \\\hline \text { Equipment } & 18 & 13,700 & \\\hline \text { Accumulated Depreciation } & 19 & & 1,100 \\\hline \text { Accounts Payable } & 21 & & 1,900 \\\hline \text { Notes Payable } & 22 & & 4,300 \\\hline \text { Bob Steely, Capital } & 31 & & 12,940 \\\hline \text { Bob Steely, Drawing } & 32 & 790 & \\\hline \text { Fees Earned } & 41 & & 9,250 \\\hline \text { Wages Expense } & 51 & 2,500 & \\\hline \text { Rent Expense } & 52 & 1,960 & \\\hline \text { Utilities Expense } & 53 & 775 & \\\hline \text { Depreciation Expense } & 54 & 250 & \\\hline \text { Miscellaneous Expense } & 59 & \underline{185} &\_\_\_\_\_ \\\hline \text { Totals } & & \underline{\textbf{29,490}} & \underline{\textbf{29,490}} \\\hline\end{array}$
-Use the adjusted trial balance for Stockton Company. Determine the total liabilities for the period.

• A) $1,900
• B) $6,200
• C) $4,300
• D) $20,240

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Definitions:

Census Family

A concept used in population census to refer to a group of people living together who are related by blood, marriage, common-law partnership, or adoption.

Family of Procreation

The family unit one creates through marriage or by having children, as opposed to the family of origin into which one is born.

Conjugal Family

A family unit formed by a married couple and their children, characterized by a legal and social recognition of their relationship.

Family of Orientation

The family into which an individual is born or adopted, contrasting with the family they may create through marriage or cohabitation (family of procreation).