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The adjusted trial balance of Lala Company appears below. Adjusted Trial Balance Lala Company Adjusted Trial Balance December 31, 2030 Debit ($) Credit ($) Cash
The adjusted trial balance of Lala Company appears below.
Lala Company | ||
---|---|---|
Adjusted Trial Balance | ||
December 31, 2030 | ||
Debit ($) | Credit ($) | |
Cash | 11,500 | |
Accounts Receivable | 3,000 | |
Prepaid Rent | 1,000 | |
Inventory | 8,500 | |
Building | 120,000 | |
Accumulated Depreciation - Building | 4,400 | |
Accounts Payable | 8,000 | |
Unearned Revenue | 2,000 | |
Notes Payable | 100,000 | |
Common Stock | 25,000 | |
Dividends | 1,000 | |
Sales Revenue | 26,000 | |
Salaries and Wages Expense | 5,000 | |
Rent Expense | 3,000 | |
Depreciation Expense | 4,400 | |
Interest Expense | 8,000 | |
Total | 165,400 | 165,400 |
Calculate (1) the net income/(loss) which would be reported on income statement, (2) the amount of total assets which would be reported on the balance sheet, and (3) the amount of retained earnings which would be reported on both balance sheet and statement of stockholders' equity.
- When typing your responses, do NOT include a dollar sign. For example, if your answer is $10,000, you should be typing 10,000 or 10,000.00 without any dollar sign.
- For any negative amount, make sure to use parentheses. If the result is net loss of $1,000 for example, you should be typing (1,000) or (1,000.00).
Net Income/(Loss) | $ |
---|---|
Total Assets | $ |
Retained Earnings | $ |
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