Natal Co. was organized on April 1, 2011. 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, 2011, for Natal Company.
(c) Determine the amount that appears for Retained Earnings at June 30,2011.
Transcribed Image Text:
Debits Credits RS 5.360 480 720 Accumulated Depreciation- as Accounts Receivable Prepaid Rent Supplies Equipment Dividends Salaries Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense Total debits 12.000 500 7.520 1200 700 160 410 40 R$29.890 Equipmenu Notes Pavable Accounts Payable Salaries Pavable Interest Payable Unearned Rent Share Capital Ordinary Commission Revenue Rent Revenue Total credits R$ 700 4.000 1.200 300 40 400 11.200 11.360 690 R$29.890
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
a The net income is determined by adding revenues and subtracting expenses The net income i...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
4.40+
15+ Reviews
45+ Question Solved
Related Book For
Financial accounting
ISBN: 978-1118285909
IFRS Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
Question Posted:
Students also viewed these Accounting questions
-
Natal Co. was organized on April 1, 2017. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. (a) Determine the net income for the...
-
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...
-
On April 1, 2011, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the companys first month. April 1 Nozomi invested $32,000 cash and computer...
-
For the standard deductions, there are specified contribution tables to be followed as discussed in the previous modules. More examples: 1. Compute for Tita Pau's monthly, semi-monthly, weekly and...
-
Explain why spinlocks are not appropriate for single-processor systems yet are often used in multiprocessor systems.
-
In construct and measurement scale development, how does validity differ from reliability? Include definitions of each term.
-
Which governmental entities are required to have a single audit?
-
Peabody, Inc., sells fireworks. The companys marketing director developed the following cost of goods sold budget for April, May, June, and July. Peabody had a beginning inventory balance of $3,600...
-
You expect an after-tax rate of return of 28% on your investments. A target company earns $263,000 (after taxes, per year). What is the maximum amount you would be willing to pay for this company?
-
Adriana Corporation manufactures football equipment. In planning for next year, the managers want to understand the relation between activity and overhead costs. Discussions with the plant supervisor...
-
Several timing concepts are discussed on pages 96-98. A list of concepts is provided below, on the left, with a description of the concept on the right. There are more descriptions provided than...
-
Selected accounts Tabor Company are shown below. Instructions After analyzing the accounts, journalize (a) The July transactions (b) The adjusting entries that were made on July31. Supplies Expense...
-
What is operating capital, and why is it important?
-
design a direct-mapped cache and draw it out. the cache capacity is 1024 X 1024 bytes. assume 1 block = 256 bytes. valid bit: 1 bit tag bits: 3 bits
-
What is the customer lifetime value of customer Emma Stone for the first three years of the customer relationship? Initial acquisition cost $700 n = number of years retained 3 r = retention rate for...
-
Write a Python script to calculate the values of y and z, as defined by the following expressions. Assume units of degrees for trigonometric functions. Set x = 43 in your script. Display both of...
-
Iz Rizky Printing (IRP) uses a job costing system for all its products, through two production departments, Editing Department and the Printing Department before being transferred as a finished...
-
Write a script that prompts the user for a temperature in F, and displays the equivalent temperature in C, formatted to include one decimal place. Format the output to look like the following: In...
-
Part 1. A manufacturer's absorption cost per unit is \(\$ 60\). Compute the target selling price per unit if a \(30 \%\) markup is targeted. Part 2. A hotel normally rents its 200 luxury suites at a...
-
You are a Loan Officer with an Investment Bank. Today you need to set your lending parameters. They are: LTV: 55% 10 Year T-Bill: TBD Rate Markup: 300 Basis Points Term: 30 Years Amortization: 30...
-
What is global inventory management, and how can it be used to increase the capability of a company to deliver goods on a timely basis and manage inventories?
-
How do these principles apply to cash disbursements? (a) Physical controls. (b) Human resource controls.
-
Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the...
-
Which assumed inventory cost flow method: (a) Usually parallels the actual physical flow of merchandise? (b) Divides cost of goods available for sale by total units available for sale to determine a...
-
The structure of a Neural Network is given below. W W Y H X1 X2 H The input value X = X2 X-8 and the desired output value is Y The initial weight matrix for the first layer W: w = [WW] = [36] 4 (1)
-
Aysha's Cash Book showed a bank overdraft of Rs. 60,000 on 31" March, 2020. On Comparison of the two books, the following differences were noted down. a. A cheque for 3,000 deposited on 30th March,...
-
Fuzzy Monkey Technologies, Incorporated purchased as a long-term investment $140 million of 10% bonds, dated January 1, on January 1, 2024. Management intends to have the investment available for...
Study smarter with the SolutionInn App