The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:
|
Accounts Payable |
3,200 |
Interest Expense |
2,500 |
|
Accounts Receivable |
14,800 |
Land |
18,000 |
|
Auto Expense |
1,900 |
Loan Payable |
40,000 |
|
Building |
30,000 |
Tax Expense |
3,300 |
|
Cash |
7,400 |
Utilities Expense |
4,100 |
|
Fee Revenue |
56,900 |
Wage Expense |
37,500 |
a. Determine Rossi’s total assets as of December 31.
b. Determine the company’s total liabilities as of December 31.
c. Compute 20X3 net income or loss.