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, September 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.

Required:
Prepare the trial balance of Towne at September 30, 2018. List the accounts in their proper order. How much was Forward Towne. Company's net income or net loss?

Particulars                      Amount

Stockholders' equity,      $5

September 1, 2016

Add: Revenues                $37

Add: Accounts Payable   $7

Less: Expenses                $(30)

Less: Other assets            $(21)

Add: Other liabilities         $6

Cash                                   $4

                   New Towne

                  Trial balance

For the year ended September 30, 2016

Account title              Debit        Credit

Cash                             $4  

Other assets                $21  

Accounts payable                        $7

Other liabilities                              $6

Stockholders Equity                      $5

Revenues                                       $37

Expenses                      $30                  

Total                              $55    $55    

Revenues              $37

Less: Expenses     $(30)

Net income            $7