Dr. Li's Family Dental has the following trial balance: Dr. Li's Family Dental Trial Balance...
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Accounting
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: Answer: a. Total assets = b. Total liabilities = c. Net income or loss during December = d. Total shareholders' equity =
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