The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adj
ID: 2404190 • 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
331,860
Supplies
11,255
Prepaid Rent
5,500
Equipment
295,285
Accumulated Depreciation
$236,260
Accounts Payable
72,555
Wages Payable
10,000
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
898,105
Interest Income
1,500
Rent Expense
66,000
Wages Expense
537,260
Supplies Expense
42,520
Depreciation Expense
164,595
Dividends
6,840
________
Totals
$1,549,565
$1,549,565
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
Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
331,860
Supplies
11,255
Prepaid Rent
5,500
Equipment
295,285
Accumulated Depreciation
$236,260
Accounts Payable
72,555
Wages Payable
10,000
Capital Stock
220,000
Retained Earnings
111,145
Service Revenue
898,105
Interest Income
1,500
Rent Expense
66,000
Wages Expense
537,260
Supplies Expense
42,520
Depreciation Expense
164,595
Dividends
6,840
________
Totals
$1,549,565
$1,549,565
Explanation / Answer
Req 1: Total current assets: Cash 88450 Accounts receivable 331860 Suplies 11255 Prepaid rent 5500 Total current assets: 437065 Req 2: Total Quick assets: Cash 88450 Accounts receivable 331860 Total Quick assets: 420310 Req 3: Total Current liabilities: Accounts payable 72555 Wages payable 10000 Total Current liabilities: 82555 Req 4: Net Income Revenue: Service revenue 898,105 Interest revenue 1,500 Total revenue 899605 Less: Expense Rent expense 66000 Wages expense 537260 Supplies expense 42,520 Depreciation expense 164,595 810,375 Net income 89,230 Req 5: Retained earnings balance 111145 Add: net income 89230 Less: Dividend 6840 Retained earnings balance at end 193535
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