Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Danks Co. was organized on April 1, 2010.The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debits

Danks Co. was organized on April 1, 2010.The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. Debits Credits Cash $ 5,360 Accumulated Depreciation-Equipment $ 700 Accounts Receivable 480 Notes Payable 4,000 Prepaid Rent 720 Accounts Payable 1,200 Supplies 800 Salaries Payable 300 Equipment 12,000 Interest Payable 40 John Danks, Drawing 500 Unearned Rent 400 Salaries Expense 7,520 John Danks, Capital 11,200 Rent Expense 1,200 Commission revenue 11,360 Depreciation Expense 700 Rent revenue 690 Supplies Expense 160 Utilities Expense 410 Interest Expense 40 Total debits $29,890 Total credits $29,890 Determine the net income for the quarter April 1 to June 30. $ Determine the total assets at June 30, 2010 for Danks Company. $ Determine the total liabilities at June 30, 2010 for Danks Company. $ Determine the amount that appears for John Danks, Capital at June 30, 2010. $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Governmental And Nonprofit Entities

Authors: Jacqueline Reck, Suzanne Lowensohn, Daniel Neely

19th Edition

1260118851, 9781260118858

More Books

Students also viewed these Accounting questions

Question

What is an (a) overfit model? (b) underfit model?

Answered: 1 week ago

Question

How to find if any no. is divisble by 4 or not ?

Answered: 1 week ago

Question

Explain the Pascals Law ?

Answered: 1 week ago

Question

What are the objectives of performance appraisal ?

Answered: 1 week ago

Question

Personal role: This consists of service to family and friends.

Answered: 1 week ago

Question

The role of life: It consists of your own service to yourself.

Answered: 1 week ago