Yang Co. was organized on April 1. The company prepares quarterly financial statements. The adjusted trial balance
Question:
Yang Co. was organized on April 1. 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 for Yang Company.c. Determine the amount of owner?s capital at June 30.
Debit Credit $ 5,360 $ 700 Cash Accounts Receivable Supplies Prepaid Insurance Equipment Owner's Drawings Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Rent Expense Utilities Expense Accumulated Depreciation-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Owner's Capital Service Revenue 480 4,440 920 790 720 300 11,200 12,000 500 12,460 160 700 240 7,400 960 450 $29,890 $29,890
Step by Step Answer:
a The net income is determined by adding revenues and subtracting expenses The net income is computed as follows Revenues Service revenue 12460 Expens...View the full answer
College Accounting
ISBN: 1986
1st Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell
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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
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