Question

Blueberry Inc.'s trial balance follows E (Click the icon to view the trial balance.) Data Table - X Compute these amounts for Blueberry: 1. Total assets 2. Total liabilities 3. Net income or loss during September 4. Total shareholders' equity 1. Total assets $ 96000 Blueberry Inc. Trial Balance September 30, 2017 2. Total liabilities $ 69000 Balance 3. Net income $ 27000 Account Title Debit Credit 4. Total shareholders' equity $ 27000 Cash $ 7,000 10,000 Accounts receivable 3,000 25,000 51,000 $ 23,000 24,000 Supplies Equipment Land Accounts payable Note payable Share capital Retained earnings Service revenue Salary expense Rent expense Interest expense 14,000 8,000 61,400 23,000 10,500 900 130,400 $ 130,400 Total Print Done

Answer 1

Ans)

Total asset=cash+Accounts receivables+supplies+equipment+land

=$7000+10000+3000+25000+61000

=$96000

total liabilities=Accounts payables+Notes payables

=$23000+24000

=$47000

Net income=Service revenue-salary expence-rent expence-Interest expense

=$61400-23000-10500-900

=$27000

Shareholders total equity=Total asset-Total liabilities

=$96000-47000

=$49000