Kreutz Co. was organized on April 1, 2012. The company prepares quarterly financial statements. The adjusted trial
Question:
Kreutz Co. was organized on April 1, 2012. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown on the next page.
(a) Determine the net income for the quarter April 1 to June 30.(b) Determine the total assets and total liabilities at June 30, 2012 for Kreutz Company.
(c)?Determine the amount that appears for Owner?s Capital at June 30, 2012.
Transcribed Image Text:
Credits Debits $ 5,360 $ 700 Cash Accumulated Depreciation- Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Accounts Receivable 480 Prepaid Rent Supplies Equipment Owner's Drawings Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense 720 4.000 920 790 12,000 300 500 40 7,400 Unearned Rent Revenue 400 11,200 1,200 Owner's Capital 700 Service Revenue 11,360 160 Rent Revenue 1,100 410 $29,890 Total credits 40 $29,890 Total debits
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (16 reviews)
a The net income is determined by adding revenues and subtracting expenses Th...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
Skolnick Co. was organized on April 1, 2022. The company prepares quarterly financial statements. The following adjusted balance amounts at June 30 are in alphabetical order. a. Prepare an income...
-
Ray Corporation was organized on April 1 of this year, with a charter providing for the following authorized capital: a. 4,000 shares of preferred 10 percent stock, $ 50 par value b. 25,000 shares of...
-
The Goody Shop Ltd.'s adjusted trial balance amounts appear in alphabetical order as follows on November 30, 2012, the end of its fiscal year: Additional information: 1. The Goody Shop uses a...
-
Use Eq. (6) to estimate Af = f(3.53, 8.98) - f(3.5,9)
-
If marketing efforts could help produce an inelastic demand for a product, a firm would have much more upward pricing flexibility. Explain why that is true.
-
In a LAN with a link-layer switch (Figure 1.8b), Host 1 wants to send a message to Host 3. Since communication is through the link-layer switch, does the switch need to have an address? Explain....
-
With reference to Exercise 11.3, express \(90 \%\) limits of prediction for the tearing strength in terms of the temperature \(x_{0}\). Choosing suitable values of \(x_{0}\), sketch graphs of the...
-
FFDP Corp. has yearly sales of $28 million and costs of $12 million. The companys balance sheet shows debt of $54 million and cash of $18 million. There are 950,000 shares outstanding and the...
-
A heat pump maintains a dwelling at 68F. When operating steadily, the power input to the heat pump is 10 HP, and the heat pump receives energy by heat transfer from 55F well water at a rate of 500...
-
Plot since 1999, without recession bars, the real exchange rate between U.S. goods and euro-area goods according to equation (2) in the text. Use the consumer price index (divided by 2.37 to set a...
-
Johnny Knox is the new owner of Swift Computer Services. At the end of July 2012, his first month of ownership, Johnny is trying to prepare monthly financial statements. He has the following...
-
Lance Louis has prepared the following list of statements about the time period assumption. 1. Adjusting entries would not be necessary if a companys life were not divided into artificial time...
-
An auditor is determining the appropriate sample size for testing inventory valuation using MUS. The population has 3,140 inventory items valued at $19,325,000. The tolerable misstatement is $575,000...
-
Can you elaborate on the role of social capital in facilitating intergenerational transmission of resources, opportunities, and cultural capital, and how this perpetuates or challenges existing...
-
Consider the system of masses connected by light ropes that pass over massless and frictionless pulleys shown in the figure. If m = 1.0 kg and m = 2.5 kg, calculate (a) the accelerations of each...
-
1) Find and describe the cache configuration in your mobile phone CPU and in your computer CPU (laptop)? How many levels is the cache? Give details for L1 instruction and data caches? Number of...
-
Simplify. (6x) Assume that the variable represents a positive real number.
-
Why do police officers need to use discretion? Where is the majority of discretionary power concentrated in the typical police department?
-
a. What is the accounting identity? b. What is the implication of the accounting identity for the numbers on a balance sheet? c. What does the accounting identity tell us about a businesss equity?
-
One hundred pounds of water at atmospheric pressure are heated from 60F to 200F. What is the enthalpy change? The internal energy change? Why is the difference between the internal energy change and...
-
California dairy farmers are being hit by falling prices, drought, and rising feed costs. How would the events in the news clip affect a competitive market in milk? How would a production quota...
-
Net income was $500,000 in 2009, $450,000 in 2010, and $522,000 in 2011.What is the percentage of change from (a) 2009 to 2010 and (b) 2010 to 2011? Is the change an increase or a decrease?
-
If Soule Company had net income of $585,000 in 2011 and it experienced a 30% increase in net income over 2010, what was its 2010 net income?
-
Horizontal analysis (trend analysis) percentages for Epstein Companys sales, cost of goods sold, and expenses are shown below. Did Epsteins net income increase, decrease, or remain unchanged over the...
-
Complete Telecom Solution's worksheet for the month ended November 3 0 , 2 0 2 4 . How much was net incoke for November? Requirements 1. 2. Complete Telecom Solution's worksheet for the month ended...
-
Question: Part One: Memo Write an analysis of the impact of tax laws and incentives as demonstrated in this current years tax return. Specifically, you must address the following: Explain the...
-
From the following ledger balances, prepare a trial balance for the Cheyenne Corp. at June 3 0 , 2 0 2 2 . All account balances are normal.Accounts Payable $ 1 0 , 0 0 0 , Cash $ 7 , 4 0 0 , Common...
Study smarter with the SolutionInn App