Question

The trial balance of Dallas Design Specialties, Inc., follows:


Annie May, your best friend, is considering investing in Dallas Design Specialties, Inc. Annie seeks your advice in interpreting this information. Specifically, she asks how to use this trial balance to compute the company’s total assets, total liabilities, and net income or net loss for the year.

Requirement
Write a short note to answer Annie’s questions. In your note, state the amounts of Dallas Design Specialties’ total assets, total liabilities, and net income or net loss for the year. Also show how you computed eachamount.


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  • CreatedJuly 25, 2014
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