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Accounting 130 Discussion #1 Balance Sheet Assets Cash Accounts Receivable Inventory Total Current Assets Fixed Assets Accumulated Depreciation Net Fixed Assets Total Assets Liabilities & Equity Accounts Payable Chase Credit Card Payroll Liabilities Total Current Liabilities Common Stock Retained Earnings Net Income Total Liabilities & Equity 12,503 98,744 52,333 163,580 103,990 (54,000) 49,990 213,570 49,450 35,789 (13,545) 71,694 100,000 79,876 (38,000) 213,570 Here is a little information about the company and its processes . When payroll is run the abilities are recorded to the Payroll Liabilities account. When the payroll liabilities are paid, the Payroll Liabilities account is debited. The company is a corporation and has been in business for about 5 years. Discussion questions 1. What do the brackets around the Payroll Liabilities account mean? 2. What might cause that balance in the Payroll Liabilities account? 3. What do the brackets around the Net Income account mean? 4 What can we conclude from the balance in the Net Income account