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On December 31, 2014, Krug Company reported total assets of $440,000 prior to the following adjusting entries: Depreciation expense was $46,000; Accrued service revenues totaled
On December 31, 2014, Krug Company reported total assets of $440,000 prior to the following adjusting entries: Depreciation expense was $46,000; Accrued service revenues totaled $30,000; Accrued expenses totaled $16,000; Used insurance: $6,000; the insurance was initially recorded as prepaid. Rent revenue earned: $4,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue. How much are Krug's total assets after adjusting entries? $418,000. $388,000. $422,000. $430,000.
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