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.