192 CHAPTER 4 Use the following data for the next 4 questions: Shown below is an adjusted trial balance for Lisa's Bikes on December 31, 2011: LISA's BIKES ADJUSTED TRIAL BALANCE DECEMBER 31, 2011...

Extracted text: 192 CHAPTER 4 Use the following data for the next 4 questions: Shown below is an adjusted trial balance for Lisa's Bikes on December 31, 2011: LISA's BIKES ADJUSTED TRIAL BALANCE DECEMBER 31, 2011 $1,000 Cash 1,200 Accounts Receivable 2,050 Office Equipment $ 550 Accounts Payable Depreciation Expense 150 Accumulated Depreciation 3,000 Common Stock IOA 100 Salaries Payable 1,600 Retained Earnings 200 Dividends 4,100 Fees Revenue 300 Prepaid Rent Salaries Expense 3,700 Advertising Expense 800 Rent Expense 200 $9,500 $9,500 4. Compute net income or (loss) for 2011. $ 08 5. Compute the ending balance in Retained Earnings as of December 31, 2011, after closing entries are made. $ 6. Compute the dollar amount the balance sheet would balance at as of December 31, 2011 7. Compute total current liabilities on the balance sheet as of December 31, 2011 $ le) bo Mww 50