The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adj
ID: 2431453 • 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
$1,549,565
Explanation / Answer
Solutions:
1)Current Assets=cash+ accounts receivable+supplies+ prepaid rent
=$ 88,450+ $ 3,31,860+ $ 11,255+ $5500=$ 4,37,065
2)Total quick assets= cash+ accounts receivable=$ 88,450+ $ 3,31,860= $ 420310
3)Total Current liabilities=Accounts payable+ wages payable=$ 72,555+ $10,000=$ 82,555
4)Net Income= Sales revenue+ Interest-(rent+ wages + supplies+depreciation)
=$ 898105+$1500-($ 66,000+$ 537260+ $42520+$164595)
= $ 89,230
5)Retain Earnings=Retained earnings at the beginning+ Net income-Dividend
=$ 111145+ $89230-$ 6840=$ 193535
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