Weygandt, Accounting Principles, 12e tice Gradebook ORION Downloadable eTextboolk ment Do It! Review 3-4 Yang Co. was organized on April 1, 2017. The company prepares quarterly financial statements. The adjusted trial balar Debit Credit Cash Accounts Receivable Prepaid Rent $6,100 Accumulated Depreciation-Equipment $600 4,500 700 400 80 300 10,280 11,300 1,100 $29,260 580 700 800 Notes Payable Accounts Payable Salaries and Wages Payable Equipment Owner’s Drawings Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense 11,100 Interest Payable 500 7,200 Unearned Rent Revenue Owner’s Capital 1,000 Service Revenue 600 Rent Revenue 100 500 80 $29,260 Determine the net income for the quarter April 1 to June 30. Net income s TO TEXT All Rights Reserved. A Division of to search enovO
Expert Answer
Statement of net income | Balance sheet | |||||||||||||
Liabiltiies and equity | Assets | |||||||||||||
Supplies | 800 | Service revenue | 11300 | Cash | 6100 | |||||||||
Drawings | 500 | Rent revenue | 1100 | Notes payable | 4500 | Accounts receivable | 580 | |||||||
Salaries and wages | 7200 | Accounts payable | 700 | Rent prepaid | 700 | |||||||||
Rent | 1000 | Salaries and wages payable | 400 | Equipment Less Acc. depreciation | 10500 | |||||||||
Depreciation | 600 | Interest payable | 80 | Rent in advance | ||||||||||
Supplies | 100 | Owners capital | 10280 | |||||||||||
Utilities | 500 | Advance received | 300 | |||||||||||
Interest | 80 | Net income | 1620 | |||||||||||
Liabilities+ Equity | 17880 | Assets | 17880 | |||||||||||
Net income(Bal.fig) | 1620 | |||||||||||||
Total | 12400 | Total | 12400 | |||||||||||
Owners capital as on June 30,2017 | ||||||||||||||
Beginning capital | 10280 | |||||||||||||
Add; Net income | 1620 | |||||||||||||
Less: Drawings | 500 | |||||||||||||
Owners equity | 11400 | |||||||||||||
So, to sum up | ||||||||||||||
Net income | $1620 | |||||||||||||
Total liabilities | $17880 | |||||||||||||
Total Assets | $17880 | |||||||||||||
Onwers equity as on June 30,2017 | $11400 |