Question
Question 3 Dr. Li's Family Dental has the following trial balance: Dr. Li's Family Dental Trial Balance December 31, 2016 Debit Credit Cash $16,000 Accounts
Question 3
Dr. Li's Family Dental has the following trial balance:
Dr. Li's 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. Li's dental practice:
- Total assets
- Total liabilities
- Net income or loss during December
- Total shareholders' equity
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Fundamentals Of Financial Accounting
Authors: Fred Phillips, Shana Clor Proell, Robert Libby, Patricia Libby
7th Edition
1265440166, 978-1265440169
