Question 4 (10 points) The following is the Bravo Unlimited adjusted Trail Balan
ID: 2414821 • Letter: Q
Question
Question 4 (10 points)
The following is the Bravo Unlimited adjusted Trail Balance.
Bravo Unlimited Adjusted Trial Balance
December 31, 2016
Account Title
DEBIT
Cash $88,450
Accounts Receivable
331,860
Supplies
11,255
Prepaid Rent 5,500
Equipment 295,285
CREDIT
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
DEBIT
Rent Expense
66,000
Wages Expense
537,260
Supplies Expense
42,520
Depreciation Expense
164,595
Dividends
6,840
________ Totals
DEBIT
$1,549,565
CREDIT
$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 Current Liabilities
3. Net Income or (Net Loss)
Explanation / Answer
Solution 1:
Solution 2:
Solution 3:
Computation of Total Current Assets Particulars Amount Cash $88,450.00 Accounts receivables $331,860.00 Supplies $11,255.00 Prepaid rent $5,500.00 Total Current Assets $437,065.00Related Questions
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