Lumina Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial
Question:
Lumina Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below.
a. Determine the net income for the quarter April 1 to June 30.
b. Determine the total assets and total liabilities at June 30, 2020, for Lumina Company.
c. Determine the amount that appears for Retained Earnings at June 30, 2020.
Debit Credit $ 5,360 Accumulated Depreciation- Equipment Cash 700 Accounts Receivable 480 720 Notes Payable 4,000 Prepaid Rent 920 Accounts Payable Supplies 790 12,000 Salaries and Wages Payable Equipment 300 500 Interest Payable Dividends 40 Salaries and Wages 7,400 Unearned Rent Revenue 400 Expense Rent Expense 1,200 Common Stock 11,200 Depreciation Expense 700 Service Revenue 11,360 Supplies Expense 160 Rent Revenue 1,100 Utilities Expense $29,890 410 Interest Expense 40 $29,890
Step by Step Answer:
a The net income is determined by adding revenues and subtracting expenses The net income is compute...View the full answer
Financial and Managerial Accounting
ISBN: 978-1119392132
3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
Ming Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are as follows. a. Determine the net income for the...
-
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...
-
Lumina Co. was organized on April 1, 2014. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. (a) Determine the net income for the...
-
Consider the approximation of the welfare loss due to inter-area deviations from the correct rate of care. All else equal, which procedures would yield the largest welfare losses those with low price...
-
Suppose that the researchers had originally asked respondents for the actual number of miles traveled to visit the theme park using an open-ended question. If the mean value in the sample were 234...
-
Why will strategy execution be important to your companys success? After you have read the Participants Guide or Players Manual for the strategy simulation exercise that you will participate in...
-
True or False: For personal investment decision making, rates of return are used more frequently than present worth.
-
The Beal Manufacturing Companys costing system has two direct-cost categories: direct materials and direct manufacturing labor. Manufacturing overhead (both variable and fixed) is allocated to...
-
Prepare the journal entries to record each of the transactions 1 through 6 as of the date of occurrence. Note: Round answers to the nearest whole dollar. 1. On January 1, new equipment is purchased...
-
Cardinal Company is considering a five-year project that would require a $2,975,000 investment in equipment with a useful life of five years and no salvage value . The company's discount rate is 14%....
-
A review of the ledger of Carmel Company at December 31, 2020, produces the following data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $10,440. The company has...
-
Verne Cova Company has the following balances in selected accounts on December 31, 2020. Accounts Receivable ................................................... $ -0- Accumulated...
-
Suppose a poll is taken that shows 220 out of 400 randomly selected Twitter users feel that Twitter should do more to decrease hateful and abusive content on the site. Test the hypothesis that the...
-
Under certain conditions, the number of bacteria present in a colony is approximated by f(t) = A0e0.026t, where t is in minutes. If A = 2,600,000, find the number of bacteria present at 5 minutes, 10...
-
Do you agree we can predict someone reaction based on understanding his values`
-
4. Does the following graph G have a perfect matching? explain
-
1. What did Nadella bring in terms of his own background (professional and personal) that helped him to be successful in stepping into the CEO role? 2: What makes Nadella an "authentic leader"? What...
-
You have $500,000 saved for retirement. Your account earns 9% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 15 years? $
-
On June 30, 2016, Kelly sold property for $240,000 cash and a $960,000 note due on September 30, 2017. The note will also pay 6% interest, which is slightly higher than the Federal rate. Kelly's cost...
-
What is the order p of a B + -tree? Describe the structure of both internal and leaf nodes of a B + -tree.
-
Data for Grania Company are presented in P17-5A. Instructions Prepare the operating activities section of the statement of cash flows using the direct method.
-
Presented on the next page are the financial statements of Weller Company. Additional data:1. Dividends declared and paid were $25,000.2. During the year equipment was sold for $8,500 cash. This...
-
Data for Weller Company are presented in P17-7A. Further analysis reveals the following. 1. Accounts payable pertain to merchandise suppliers. 2. All operating expenses except for depreciation were...
-
A car of mass 772 kg is traveling 29.9 m/s when the driver applies the brakes, which lock the wheels. The car skids for 5.67 s in the positive x-direction before coming to rest. HINT (a) What is the...
-
A ball falls from height of 18.5 m, hits the floor, and rebounds vertically upward to height of 15.0 m. Assume that mball -0.400 kg. (a) What is the impulse (in kg m/s) delivered to the ball by the...
-
4. Discuss and explain the components in the following transaction between the Merchant and Bank. PIMD Hash Bank Hash POMD En- crypt Dual Sig. OIMD Customer's R 0 Customer's private key public key...
Study smarter with the SolutionInn App