Question
Question 3 Dr. Lis Family Dental has the following trial balance: Dr. Lis Family Dental Trial Balance December 31, 2016 Debit Credit Cash $16,000 Accounts
Question 3
Dr. Lis Family Dental has the following trial balance:
| Dr. Lis Family Dental | ||
| 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 Dr. Lis dental practice:
- Total assets
- Total liabilities
- Net income or loss during December
- Total shareholders equity
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Introduction To Financial Accounting
Authors: CHARLES T. HORNGREN AND ET ALL.
11th Edition
9352862473, 978-9352862474
