Question

Calculate the missing numbers that follow the list of account balances. Enter the digits only - no dollar signs or commas. Retained earnings at the beginning of the year is zero.
Supplies expense = 5800
Wages expense = 15500
Intangibles = 22300
Service revenue = 52000
Rent expense = 20600
Supplies = 2960
Accounts payable = 9200
Prepaid expense = 6580
Loan payable due in 2025 = 10800
Accounts receivable = 6840
Deferred revenue = 4100
Advertising expense = 5100
Owner's capital = 16800
Wages payable = 3300
Dividends = 1600
Cash = 8920

1. Total liabilities and equity?
2 . Total assets?
3 . Total liabilities?
4. Total equity?

Answer 1

1. Total liabilities and equity=47600
2 . Total assets=47600
3 . Total liabilities=27400
4. Total equity=20200

Income statement

service revenue		52000
Expenses:
supplies expense	5800
Wages expense	15500
Rent expense	20600
Advertising expense	5100
Total expenses		(47000)
Net earnings		5000
Less:cash dividend		(1600)
amount transferred to retained earnings		3400

Balance sheet

ASSETS
cash		8920
prepaid expense		6580
supplies		2960
intangibles		22300
accounts receivable		6840
Total assets		47600
LIABILITIES
accounts payable		9200
wages payable		3300
accrued liabiities(deferred revenue)		4100
long term liabilities:
loan payable		10800
total liabilities		27400
stockholders equity
owners capital	16800
retained earnings	3400
Total owners equity		20200
Total liabilities and owners equity		47600

note: Deferred revenue, which is also referred to as unearned revenue, is listed as a liability on the balance sheet because, under accrual accounting, the revenue recognition process has not been completed.

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