PROBLEM 3 Account Analysis (16 points) Based on the following list of account ba

Question

PROBLEM 3 Account Analysis (16 points) Based on the following list of account balances for the ACC 3510 Company, at 12/31/18, answer the questions below. All account balances reflect their normal balances (Assets and expenses have debit balances, etc) and are complete through adjustments but do not reflect closing entries. Account Title Balance 80,000 70.000 260,000 10,000 490,000 26,000 480,000 60,000 700,000 4.000 150,000 60,000 30.000 62.000 8,000 770,000 120,000 Accounts pavable Accounts receivable Accumulated depreciation-equipment... Allowance for uncollectible accounts Common stock Cash Cost of goods sold Depreciation expense Equipment Interest expense Invento Note payable (due in two years) Rent expense etained earnings Salaries payable Sales revenue Salaries expense REQUIRED: Assuming no taxes, compute the following and place answer in the space provided: A) ACC 3510 Company 2018 net income (or loss) B) ACC 3510 Company 12/31/2018 total assets C) ACC 3510 Company 12/31/2018 total current liabilities D) ACC 3510 Company 12/31/2018 total owners' equity

Explanation / Answer

a) Net income (loss)

b) Total assets:

3) Total current liabilities

d) Total owner's equity :

Sales 770000 Less: Cost of goods sold -480000 Less: Depreciation expense -60000 Less: Rent expense -30000 Less: Salary expense -120000 Less: Interest expense -4000 Net income 76000

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