192 CHAPTER 4 Use the following data for the next 4 questions: Shown below is an adjusted trial balance for Lisa's Bikes on December 31, 2011: LISA's BIKES ADJUSTED TRIAL BALANCE DECEMBER 31, 2011 $1,000 Cash 1,200 Accounts Receivable 2,050 Office Equipment $ 550 Accounts Payable Depreciation Expense 150 Accumulated Depreciation 3,000 Common Stock IOA 100 Salaries Payable 1,600 Retained Earnings 200 Dividends 4,100 Fees Revenue 300 Prepaid Rent Salaries Expense 3,700 Advertising Expense 800 Rent Expense 200 $9,500 $9,500 4. Compute net income or (loss) for 2011. $ 08 5. Compute the ending balance in Retained Earnings as of December 31, 2011, after closing entries are made. $ 6. Compute the dollar amount the balance sheet would balance at as of December 31, 2011 7. Compute total current liabilities on the balance sheet as of December 31, 2011 $ le) bo Mww 50
192 CHAPTER 4 Use the following data for the next 4 questions: Shown below is an adjusted trial balance for Lisa's Bikes on December 31, 2011: LISA's BIKES ADJUSTED TRIAL BALANCE DECEMBER 31, 2011 $1,000 Cash 1,200 Accounts Receivable 2,050 Office Equipment $ 550 Accounts Payable Depreciation Expense 150 Accumulated Depreciation 3,000 Common Stock IOA 100 Salaries Payable 1,600 Retained Earnings 200 Dividends 4,100 Fees Revenue 300 Prepaid Rent Salaries Expense 3,700 Advertising Expense 800 Rent Expense 200 $9,500 $9,500 4. Compute net income or (loss) for 2011. $ 08 5. Compute the ending balance in Retained Earnings as of December 31, 2011, after closing entries are made. $ 6. Compute the dollar amount the balance sheet would balance at as of December 31, 2011 7. Compute total current liabilities on the balance sheet as of December 31, 2011 $ le) bo Mww 50
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:192
CHAPTER 4
Use the following data for the next 4 questions:
Shown below is an
adjusted trial balance for Lisa's Bikes on December 31, 2011:
LISA's BIKES
ADJUSTED TRIAL BALANCE
DECEMBER 31, 2011
$1,000
Cash
1,200
Accounts Receivable
2,050
Office Equipment
$ 550
Accounts Payable
Depreciation Expense
150
Accumulated Depreciation
3,000
Common Stock
IOA
100
Salaries Payable
1,600
Retained Earnings
200
Dividends
4,100
Fees Revenue
300
Prepaid Rent
Salaries Expense
3,700
Advertising Expense
800
Rent Expense
200
$9,500
$9,500
4. Compute net income or (loss) for 2011.
$
08
5. Compute the ending balance in Retained Earnings as of December 31, 2011, after closing
entries are made.
$
6. Compute the dollar amount the balance sheet would balance at as of December 31, 2011
7. Compute total current liabilities on the balance sheet as of December 31, 2011
$
le)
bo
Mww
50
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