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Please I want a correct and clear solution (the solution must be handwritten, the line must be clear so that I can understand it) Q2
Please I want a correct and clear solution (the solution must be handwritten, the line must be clear so that I can understand it)
Q2 Preparing Financial Statements Trial Balance Kang Company was organized on April 1, 2017. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. (Amounts are fin millions.) Debit Credit Cash * 6,700 Accumulated Depreciation Equipment # 850 Accounts Receivable 600 Notes Payable 5,000 Prepaid Rent 900 Accounts Payable 1,510 Supplies 1,000 Salaries and Wages Payable 400 Equipment 15,000 Interest Payable 50 Dividends 600 Unearned Rent Revenue Salaries and Wages Expense 9,400 Share Capital-Ordinary 14,000 Rent Expense 1,500 Service Revenue 14,200 Depreciation Expense 850 Rent Revenue 800 Supplies Expense 200 Utilities Expense Interest Expense 50 W37,310 W37,310 500 510 (a) Determine the net income for the quarter April 1 to June 30. b) Determine the total assets and total liabilities at June 30, 2017, for Kang Company, (c) Determine the amount that appears for retained earnings at June 30, 2017 Step by Step Solution
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