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On December 31, 2016, Krug Company reported total assets of $410,000 prior to the following adjusting entries: Depreciation expense was $43,000; Accrued sales revenue totaled
On December 31, 2016, Krug Company reported total assets of $410,000 prior to the following adjusting entries: Depreciation expense was $43,000; Accrued sales revenue totaled $27,000; Accrued expenses totaled $10,000; Used insurance: $9,000; the insurance was initially recorded as prepaid. Rent revenue earned: $7,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue. How much are Krug's total assets after the adjusting entries?
$358,000.
$385,000.
$392,000.
$394,000.
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