Chapter 2, Problem 2.26AE

(Learning Objective 5: Solve for cash and construct a trial balance) Assume that Old Center Company reported the following summarized data at September 30, 2018. Accounts appear in no particular order; dollar amounts are in millions.

Stockholders’ equity, September 30,2018*..	$ 6	Revenues...........................	$ 33
Accounts payable.........................................	8	Expenses...........................	21
Other assets..................................................	23	Cash..................................	?
Other liabilities............................................	2

*Stockholders’ equity does not include the current period net income.

Requirements

1. 1. Solve for Cash.
2. 2. Prepare the trial balance of Old Center at September 30, 2018. List the accounts in their proper order. How much was Old Center Company’s net income or net loss?