Question 1

Mark has the following trial balance:

Mark

Trial Balance

December 31, 2016

Debit Credit

Cash $16,000

Accounts receivable 3,000

Supplies 14,000

Equipment 22,000

Land 50,000

Accounts payable $29,000

Note payable 20,000

Share capital 10,000

Retained earnings 8,000

Service revenue 60,000

Salary expense 15,000

Rent expense 6,000

Interest expense 1,000

TOTAL $127,000 $127,000

Compute the following amounts for Mark ?

1. Total assets
2. Total liabilities
3. Net income or loss during December
4. Total shareholders' equity