The trial balance of Amusement Specialties, Inc., follows.

Rhonda Ray, your best friend, is considering investing in Amusement Specialties. Rhonda seeks your advice in interpreting this information. Specifically, she asks how to use this trial balance to compute the company's total assets, total liabilities, and net income or net loss for the year.
Required
Write a short note to answer Rhonda's questions. In your note, state the amounts of Amusement Specialties' total assets, total liabilities, and net income or net loss for the year. Also show how you computed each amount.

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Amusement Specialties, Inc. Trial Balance December 31, 20X6 $ 14,000 11,000 4,000 171,000 100,000 Cas Accounts receivable Prepaid expenses Equipment Buildin Accounts payable Note payable Common stock Retained earnings.. Dividends Service revenue.... Rent expense. Advertising ex Wage expense Supplies expense..0 Total 30,000 120,000 102,000 40,000 22,000 86,000 14,000 3,000 32,000 7,000 $378,000 $378,000