The following adjusted trial balance was taken from the accounting records of Shipley

Corporation as of December 31, 2010.

Required:

(A) Calculation Net Income

(B) Calculate Total Assets, Total Liabilities, and Total Equity

Shipley Corporation Adjusted Trial Balance December 31, 2010
	Debits	Credits
Cash	$ 27,500
Accounts Receivable	8,600
Supplies	3,100
Prepaid Rent	4,700
Equipment	43,800
Accum Depn Equipment		$ 8,200
Accounts Payable		5,600
Salaries Payable		1,700
Note Payable		20,000
Capital Stock		35,000
Retained Earnings		12,100
Management Fees Earned		89,500
Appraisal Fees Earned		12,700
Salaries Expense	46,800
Advertising Expense	18,300
Depreciation Expense	4,200
Supplies Expense	4,600
Interest Expense	3,100
Utilities Expense	7,700
Rent Expense	8,500
Insurance Expense	3,900
Total	$184,800	$184,800