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Question
The following items are taken from an adjusted trial balance prepared as of December 31, 2015. All accounts have normal balances.
| Cash | $ 2,950 |
| Prepaid Insurance | 2,200 |
| Supplies | 1,400 |
| Equipment | 20,400 |
| Accounts Payable | 1,900 |
| Unearned Revenue | 4,900 |
| Common Stock | 7,000 |
| Retained Earnings | 3,900 |
| Dividends | 2,200 |
| Service Revenue | 6,300 |
| Rent Expense | 1,500 |
| Salaries and Wages Expense | 2,300 |
| Utilities Expense | 600 |
| Insurance Expense | 200 |
| Supplies Expense | 3,100 |
| Depreciation Expense | 200 |
| Accumulated DepreciationEquipment | 400 |
| Salaries and Wages Payable | 300 |
| Accounts Receivable | 400 |
| Note Payable (long-term) | 12,750 |
Required:
Part a. Determine the Credits column total on the adjusted trial balance.
Part b. Determine that amount of net income (net loss) for the year.
Part c. Determine the Total Assets amount that will be reported on the Balance Sheet at December 31, 2015.
Part d. Determine the Total Liabilities amount that will be reported on the Balance Sheet at December 31, 2015.
Part e. Determine the amount of Retained Earnings that will be reported on the Balance Sheet at December 31, 2015.
Answer
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