Question

The following is the Bravo Unlimited adjusted Trial Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	331,860
Supplies	11,255
Prepaid Rent	5,500
Equipment	295,285
Accumulated Depreciation		$236,260
Accounts Payable		72,555
Wages Payable		10,000
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		898,105
Interest Income		1,500
Rent Expense	66,000
Wages Expense	537,260
Supplies Expense	42,520
Depreciation Expense	164,595
Dividends	6,840	________
Totals	$1,549,565	$1,549,565

What are the dollar values that will appear in Bravo Unlimited year end financial statements for the following line items: (For any Net Loss the dollar value must be enclosed in brackets and do not use a minus sign.)

1. Total Current Assets

2. Total Quick Assets

3. Total Current Liabilities

4. Net Income or (Net Loss)

5. Retain Earnings

Answer 1

Req 1:
Total current assets:
Cash		88450
Accounts receivable		331860
Suplies		11255
Prepaid rent		5500
Total current assets:		437065
Req 2:
Total Quick assets:
Cash		88450
Accounts receivable		331860
Total Quick assets:		420310
Req 3:
Total Current liabilities:
Accounts payable		72555
Wages payable		10000
Total Current liabilities:		82555
Req 4:
Net Income
Revenue:
Service revenue			898,105
Interest revenue			1,500
Total revenue				899605
Less: Expense
Rent expense			66000
Wages expense			537260
Supplies expense			42,520
Depreciation expense			164,595	810,375
Net income				89,230
Req 5:
Retained earnings balance				111145
Add: net income				89230
Less: Dividend				6840
Retained earnings balance at end				193535