Assume that new Towne Company reported the following summarized data at September 30, 2016. Accounts appear in no particular order; dollar amounts are in millions.
Stockholders' equity, Septmeber 1, 2016*... $ 5 Revenues................$ 37
Accounts Payable........................................ 7 Expenses................ 30
Other assets.................................................. 21 Cash......................... ?
Other liabilities............................................ 6
*Stockholders' Equity does not include the current period net income.
1. Solve for cash
2. Prepare the trial balance of New Towne at September 30, 2016. List the accounts in their proper order. How much was new Towne Company's net income or net loss?