Kreutz Co. was organized on April 1, 2012. The company prepares quarterly financial statements. The adjusted trial
Question:
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 for the quarter April 1 to June 30.(b) Determine the total assets and total liabilities at June 30, 2012 for Kreutz Company.
(c)?Determine the amount that appears for Owner?s Capital at June 30, 2012.
Transcribed Image Text:
Credits Debits $ 5,360 $ 700 Cash Accumulated Depreciation- Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Accounts Receivable 480 Prepaid Rent Supplies Equipment Owner's Drawings Salaries and Wages Expense Rent Expense Depreciation Expense Supplies Expense Utilities Expense Interest Expense 720 4.000 920 790 12,000 300 500 40 7,400 Unearned Rent Revenue 400 11,200 1,200 Owner's Capital 700 Service Revenue 11,360 160 Rent Revenue 1,100 410 $29,890 Total credits 40 $29,890 Total debits
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Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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