The trial balance of Amusement Specialties Inc. follows:

Sue Sibalius, your best friend, is considering investing in Amusement Specialties Inc. She 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 Sue's questions. In your note, state the amounts of Amusement Specialties's total assets, total liabilities, and net income or net loss for the year. Also, show how you computed each amount?

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Amusement Specialties Inc. Trial Balance December 31, 2017 2 Cash 3 Accounts receivable 4 5 Equipment $ 14,000 11,000 4,000 171,000 100,000 d expenses 6 Building 7 Accounts payable $ 30,000 120,000 102,000 40,000 le 8 Note 9 Share capital 10 Retained earnin 11 Dividends 12 Service revenue 13 Rent ex 14 Advertising ex 15 Wage expense 16 Supplies expense 17 Total 18 22,000 86,000 14,000 3,000 32,000 7,000 378.000 378.000