Lumina Co. was organized on April 1, 2019. The company prepares quarterly financial statements. The adjusted trial
Question:
(a) Determine the net income for the quarter April 1 to June 30.
(b) Determine the total assets and total liabilities at June 30, 2019, for Lumina Company.
(c) Determine the amount that appears for Retained Earnings at June 30, 2019.
Transcribed Image Text:
Debit Credit Cash Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries and Wages Expense Rent Expense De $ 5,360 Accumulated Depreciation- $ 700 4,000 790 300 40 400 11,200 11,360 1,100 $%29,890 480 720 Notes Payable 920 Accounts Payable Equipment 12,000 Salaries and Wages Payable 500 Interest Payable 7,400 1,200 Unearned Rent Revenue Common Stock preciation Expense Supplies Expense Utilities Expense Interest Expense 700 Service Revenue 160 Rent Revenue 410 40 $29,890
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a The net income is determined by adding revenues and subtracting expenses The net income is compute...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-1119305736
10th edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
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