Ivanhoe Company was organized on April 1,2020. The company prepares quarterly financial statements. The adjusted trial...
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Ivanhoe Company was organized on April 1,2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debits Credits Cash R$ 6,200 Accumulated Depreciation-Equipment RS 800 Accounts Receivable 580 Notes Payable 4,200 Prepaid Rent 1,100 Accounts Payable 700 Supplies 900 Salaries and Wages Payable 300 Equipment 11,900 Interest Payable 90 Dividends 400 Unearned Rent Revenue 300 Salaries and Wages Expense 8,000 Share Capital-Crdinary 12.280 Rent Expense 1.100 Service Revenue 11.400 Depreciation Expense 800 Rent Revenue 1,500 Supplies Expense 200 R$31.570 Utilities Expense 300 Interest Expense 90 R$31.570 Determine the net income for the quarter April 1 to June 30. Net income/(loss) R$ Determine the total assets and total liabilities at June 30, 2020. for Ivanhoe Company Ivanhoe Company Total assets R$ Total liabilities R$ Determine the amount that appears for Retained Earnings at June 30, 202O. Retained Earnings, June 30 R$ Ivanhoe Company was organized on April 1,2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debits Credits Cash R$ 6,200 Accumulated Depreciation-Equipment RS 800 Accounts Receivable 580 Notes Payable 4,200 Prepaid Rent 1,100 Accounts Payable 700 Supplies 900 Salaries and Wages Payable 300 Equipment 11,900 Interest Payable 90 Dividends 400 Unearned Rent Revenue 300 Salaries and Wages Expense 8,000 Share Capital-Crdinary 12.280 Rent Expense 1.100 Service Revenue 11.400 Depreciation Expense 800 Rent Revenue 1,500 Supplies Expense 200 R$31.570 Utilities Expense 300 Interest Expense 90 R$31.570 Determine the net income for the quarter April 1 to June 30. Net income/(loss) R$ Determine the total assets and total liabilities at June 30, 2020. for Ivanhoe Company Ivanhoe Company Total assets R$ Total liabilities R$ Determine the amount that appears for Retained Earnings at June 30, 202O. Retained Earnings, June 30 R$
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Answer rating: 100% (QA)
Requirement 1 Computation of Net Income for the quarter April 1 to June 30 Revenues a Service Reve... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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