The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adj
ID: 2537439 • Letter: T
Question
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 332,700 Supplies 10,255 Prepaid Rent 8,250 Equipment 295,285 Accumulated Depreciation $235,260 Accounts Payable 72,555 Wages Payable 10,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 897,105 Interest Income 1,500 Rent Expense 63,250 Wages Expense 537,260 Supplies Expense 42,520 Depreciation Expense 163,595 Dividends 6,000 ________ Totals $1,547,565 $1,547,565 What are the dollar values that will appear in Bravo Unlimited year end financial statements for the following line items: (For any Net Loss the dollar value must be enclosed in brackets and do not use a minus sign.) 1. Total Current Assets 2. Total Quick Assets 3. Total Current Liabilities 4. Net Income or (Net Loss) 5. Retain Earnings
Explanation / Answer
1. Total current assets :
2. Quick assets
3 Total current liabity :
4. Net income :
5 Retained earnings = 111145+91980-6000 = 197125
Cash 88450 Account receivable 332700 Supplies 10255 prepaid rent 8250 Total current assets 439655Related Questions
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