The following items are taken from an adjusted trial balance prepared as of December 31,2015.All accounts have normal balances.
Required:
Part a.Determine the Credits column total on the adjusted trial balance.
Part b.Determine that amount of net income (net loss)for the year.
Part c.Determine the Total Assets amount that will be reported on the Balance Sheet at December 31,2015.
Part d.Determine the Total Liabilities amount that will be reported on the Balance Sheet at December 31,2015.
Part e.Determine the amount of Retained Earnings that will be reported on the Balance Sheet at December 31,2015.
Definitions:
Harmful Seller Terms
Contract terms and conditions that could potentially disadvantage or exploit the buyer.
Salesperson
An individual who is employed to sell products or services to customers, often working on commission.
Loss of Sale
A situation where a potential transaction does not occur, resulting in no revenue from that potential customer.
Competitor
A business or individual that competes in the same industry or field as another, offering similar products or services.
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