Question & Answer: …..

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 Owners 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 Owners 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
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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

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