The adjusted trial balance (but prior to closing adjustments) as of December 31, 2019 for Big Wave and Co. is as follows:

DebitCredit

Cash$8,000

Accounts Receivable6,500

Equipment, net78,000

Accrued expenses$14,000

Notes Payable10,000

Common Stock43,000

Retained Earnings20,600

Dividends8,000

Revenues earned75,000

Rent expense18,000

Salary expense37,100

Depreciation expense7,000

____________

162,600162,600

1. As of December 31, what is Big Wave's total asset balance?

1. As of December 31, what is Big Wave's total liability balance?

1. As of December 31, what is Big Wave's retained earnings balance?

1. As of December 31, what is Big Wave's total equity balance?

1. Does Assets equal Liabilities plus Equity?