Homework Answers
Ans-1-Cash = $6
Total of Credit side of trial balance- Total of debit side of trial balance
=$45-$39
=$6
2-Old Towne Company
Trial Balance
September 30,2018
|
Balance (in million) |
||
| Account Title | Debit | Credit |
| Stockholders' Equity | $2 | |
| Accounts Payable | $5 | |
| Other Assets | $22 | |
| Other Liabilities | $7 | |
| Revenues | $31 | |
| Expenses | $17 | |
| Cash | $6 | |
| Total | $45 | $45 |
Old Towne Company's net income or net loss:-
| Revenues | $31 |
| Less: Expenses | $17 |
| Net Income | $14 |
Therefore, Old Towne's net income is $14 million.
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