Purpleberry, Inc.’s, trial balance follows:

Calculate these amounts for the business:

1. Total assets

2. Total liabilities

3. Net income or net loss during December

Transcribed Image Text:

A1 Purpleberry, Inc. Trial Balance December 31, 2018 Balance Credit 3 Account Title 4 Cash 5 Accounts receivable 6 Supplies 7 Land 8 Equipment 9 Accounts payable 10 Note payable 11 Common stock 12 Retained earnings 13 Service revenue 14 Salary expense 15 Rent expense 16 Utilities expense 17 Total 18 Debit 4,500 28,000 5,000 45,000 19,000 39,000 22,000 12,000 11,000 56,000 27,000 10,000 1,500 140,000 $ 140,000