Brionny, Inc. Trial Balance March 31, 2018 Balance
Account Title Debit Credit
Cash $5,000
Accounts receivable 20,000
Supplies 2,500
Land 51,000
Equipment 24,000
Accounts payable $45,000
Note payable 23,000
Common stock 11,000
Retained earnings 8,000
Service revenue 55,900
Salary expense 28,000
Rent expense 11,000
Utilities expense 1,400
Total $142,900 $142,90

Required:
a. Compute the total liabilities for the business.
b. Compute the total assets for the business.

Over the past several years, joyce chen has been able to save regularly. as a result, today she has $54,188 in savings and investments. she wants to establish her own business in 5 years and feels she will need $100,000 to do so. a. if she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in 5 years? will joyce have the $100,000 she needs? if not, how much more money will she need? b. given your answer to part a, how much will joyce have to save each year over the next 5 years to accumulate the additional money? assume she can earn interest at a rate of 6%. c. if joyce can afford to save only $4,000 a year then, given your answer to part a, will she have the $100,000 she needs to start her own business in 5 years?