Objective : Construct and use a trial balance.
Assume that First Mortgage Company reported the following summarized data at December 31, 2014. Accounts appear in no particular order; dollar amounts are in millions.
|
Other liabilities
|
$ 2
|
Revenues
|
$38
|
|
Other assets
|
20
|
Cash
|
5
|
|
Expenses
|
27
|
Accounts payable
|
6
|
|
Stockholders' equity
|
6
|
|
|
Prepare the trial balance of First Mortgage at December 31, 2014.
List the accounts in their proper order. How much was First Mortgage Company's net income or net loss?