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In: Accounting

The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31,...

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

Solutions

Expert Solution

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

ekkarill92 answered 1 year ago
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