81.The income statement should be prepared
a.before the retained earnings statement and balance sheet
b.after the retained earnings statement and before the balance sheet
c.after the retained earnings statement and balance sheet
d.after the balance sheet and before the retained earnings statement
Use the adjusted trial balance for Stockton Company below to answer the questions that follow.
Stockton Company
Adjusted Trial Balance
December 31
|
|
|
|
Cash
|
7,530
|
|
Accounts Receivable
|
2,100
|
|
Prepaid Expenses
|
700
|
|
Equipment
|
13,700
|
|
Accumulated Depreciation
|
|
1,100
|
Accounts Payable
|
|
1,900
|
Notes Payable
|
|
4,300
|
Common Stock
|
|
1,000
|
Retained Earnings
|
|
12,940
|
Dividends
|
790
|
|
Fees Earned
|
|
9,250
|
Wages Expense
|
2,500
|
|
Rent Expense
|
1,960
|
|
Utilities Expense
|
775
|
|
Depreciation Expense
|
250
|
|
Miscellaneous Expense
|
185
|
?
|
Totals
|
30,490
|
30,490
|
|
|
|
82.Determine the net income (loss) for the period.
a.net income $9,250
b.net loss $790
c.net loss $5,670
d.net income $3,580
83.Determine the retained earnings ending balance.
a. $12,150
b. $15,730
c. $6,480
d. $21,400
84.Determine total assets.a. $25,130
b. $16,830
c. $22,930
d. $24,030
85.Determine the current assets.a. $23,030
b. $9,330
c. $21,930
d. $8,630
86.Determine the total liabilities for the period.
a. $1,900
b. $6,200
c. $4,300
d. $20,240
87.The balance sheet should be prepared
a.before the income statement and the retained earnings statement
b.before the income statement and after the retained earnings statement
c.after the income statement and the retained earnings statement
d.after the income statement and before the retained earnings statement
88.The retained earnings statement begins with the beginning balance followed by
a.adding net income less dividends
b.adding net income plus investments
c.adding investments less dividends
d.adding investments plus net income less dividends
89.The income statement will present
a.revenues less expenses (ordered largest to smallest amount) with miscellaneous expense listed last
b.revenues less expenses (ordered smallest to largest amounts) with miscellaneous expense listed last
c.revenues less expenses (ordered in alphabetical order)
d.revenues less expenses (order is not important)
90.The classified balance sheet will show which asset subsections?
a.current assets and other equity
b.current assets and property, plant, and equipment
c.current liabilities and short-term assets
d.other revenues and property, plant and equipment