Question: McAllen, Inc.s trial balance follows: Compute these amounts for the business: 1. Total assets 2. Total liabilities 3. Net income or net loss duringDecember A1

McAllen, Inc.€™s trial balance follows:

Compute these amounts for the business:
1. Total assets
2. Total liabilities
3. Net income or net loss duringDecember

A1 McAllen, Inc. Trial Balance December 31, 2014 Balance 2 3 Account Title 4 Cash Debit Credit 5,400 18,3 Supplies Land Equipment Accounts payable 40,600 21,700 10 Note payable 11 Common stock 12 Retained earnings 13 Service revenue 5,200 ayxpense 33,000 8,000 15 Rent expense 16 Utilities expense 17 Total 8

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