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Question 3 Dr. Li’s Family Dental has the following trial balance: Dr. Li’s Family Dental Trial...

Question 3

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
  1.    Compute the following amounts for Dr. Li’s dental practice:
  •     Total assets
  •     Total liabilities
  •     Net income or loss during December
  •     Total shareholders’ equity
Business   Accounting   
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