solved Check please Basic computations. The following selected balances were extract

Check please Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:

Accounts Payable

$3,200 L

Interest Expense

$2,500 E

Accounts Receivable

14,800 A

Land

18,000 A

Auto Expense

1,900 E

Loan Payable

44,200 L

Building

32,000 A

Tax Expense

3,300 E

Cash

7,400 A

Utilities Expense

4,100 E

Fee Revenue

60,100 R

Wage Expense

37,500 E

a. 
Determine Rossi’s total assets as of December 31.
$72,400
b. 
Determine the company’s total liabilities as of December 31.
$47,400
c. 
Compute 20X3 net income or loss.
$10,800
Revenue: 60,100
Expenses: 49,300 =$10,800

Accounting equation; analysis of owner’s equity. Sportscar Repair revealed the following financial data on January 1 and December 31 of thecurrent year.

Assets

Liabilities

January 1

$46,500

$20,000

December 31

49,000

31,000

a. 
Compute the change in owner’s equity during the year by using the accounting equation.
January 1 $46,500= 20,000+26,500
December 31 $49,000= 31,000+18,000
8,500 decrease
b. 
Assume that there were no owner investments or withdrawals during the year. What is the probable cause of the change in owner’s equity
from part (a)? Net Loss
c. 
Assume that there were no owner investments during the year. If the owner withdrew $17,000, determine and compute the company’s netincome or net loss. Be sure to label your answer.
d. 
If owner investments and withdrawals amounted to $13,000 and $2,000, respectively,
determine whether the company operated profitablyduring the year. Show appropriate calculations.