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Credit Dr. Li's Family Dental has the following trial balance: Dr. Li's Family Dental Trial Balance December 31, 2016 Debit Cash $16,000 Accounts receivable 3,000

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Credit Dr. Li's Family Dental has the following trial balance: Dr. Li's Family Dental Trial Balance December 31, 2016 Debit Cash $16,000 Accounts receivable 3,000 Supplies 14,000 Equipment 22,000 Land 50,000 Accounts payable Note payable Share capital Retained earnings Service revenue Salary expense 15,000 Rent expense 6,000 Interest expense 1,000 TOTAL $127,000 $29,000 20,000 10,000 8,000 60,000 $127,000 1. Compute the following amounts for Dr. L's dental practice: Total assets Total liabilities Net income or loss during December Total shareholders' equity

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